Tuesday, September 12, 2006
Here is an hourly chart of the S&P e-mini futures. I last commented on this market here.
The market has rallied as far as 1319.50 so far, well above the 1315-17 zone mentioned in this morning's guesstimate. If I am reading the market correctly a move down to 1298 and then to 1293 should begin right here.
Should the market instead hit the 1321 level I will conclude that the correction actually ended at yesterday's 1302.50 low yesterday and that the S&P's will soon trade above 1330.