Wednesday, October 18, 2006

S&P

Here is an updated 5 minute bar chart of the S&P futures upon which I commented earlier this morning.

As you can see the market has broken decisively below the 1374 level and this tells me that it is headed for 1364 or lower. In the meantime I think a rally to 1375 or so would be normal within such a downtrend.

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