Wednesday, August 23, 2006


Here is an hourly chart of the September S&P e-mini futures. I last commented on this market yesterday afternoon.

I had believed that yesterday's late rally started from the end of a three phase correction, but it now appears that the third phase of the drop from 1307.75 is still in progress. I expect it to end near support at 1293 and be followed by a rally into the 1309-12 short term target zone.

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