Friday, August 25, 2006


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

The market has tried for two days to rally from support at 1293 but so far has not attracted any aggressive buyers. I think this means that the rally from 1291.50 has been only the second phase of a bigger three phase correction. I expect the third phase to carry a little lower to 1287 or so. Then the market should rally to the next resistance zone of 1309-12.

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