Thursday, September 21, 2006


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

Early this morning, before pit trading started, the market hit the 1340 level. That was the bottom edge of the 1340-42 resistance zone. I now think the S&P's are on the way down into the 1328-30 support zone. From there I expect a rally equal in length to the rally from 1323 to 1340. This would put the market in the 1345-47 zone.

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