Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
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.