Monday, October 16, 2006

S&P


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

I haven't yet seen a rejection of the 1375 level so I am expecting a little bit more of a rally into the 1378-79 zone today. Then my best guess is that a three phase corrective move will begin and within a few days carry the market down near its last significant low at 1351.

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