Tuesday, September 26, 2006


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

As you can see the futures have rallied to new highs for the bull market which started from the 768 low in October 2002. The next significant reaction will probably develop after the market reaches the 1350 level. Meantime the last visible reaction occurred early yesterday and was 8.50 points in length. A reaction of similar size from the current high today of 1343.25 would drop the market to eh 1335 level. So I conclude that 1335 will be support until the futures reach 1350.

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