Thursday, September 14, 2006


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

I think we have seen at least the first phase of a three phase correction which should carry from yesterday's top at 1332 to support at 1323. The second, upward phase of this correction will probably carry the market up a bit further, probably into the 1329-30 zone and be followed by the third phase drop to 1323.

The next substantial rally should carry from 1323 into the 1340-42 zone.

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