Friday, September 01, 2006
Here is an hourly chart of the September S&P e-mini futures. I last commented on this chart here.
As you can see the market has nearly reached the 1315 target and I think that next week will see at least the first phase of a three phase corrective move. I doubt that any correction will drop the market below 1291. In any event the subsequent up move should carry futures above 1331, the bull market high so far.
I still think that the futures will trade above 1400 by the end of the year.