Here is an hourly chart of the December S&P e-mini futures. I last commented on this market here.
For the second day in a row the market has put in a strong, wide range opening hour. I am willing to bet that for most of today the S&P's will stay in a range between resistance at 1392.25 and support at the low of the opening hour of 1383.25. I also would not be surprised to see a rally during the last hour or two that sends the market to new highs for the day.
The 1410-20 range remains my short term target zone. I have noticed that last week's 30 point break caused a surpising upsurge in bearish sentiment. This makes me think that by the end of the month the S&P's will go higher than I have been predicting and will have moved above 1420.
1 comment:
"I have noticed that last week's 30 point break caused a surpising upsurge in bearish sentiment."
I'd love to know what you're tracking. P/C ratios all seemed pretty tame. The CNBC anchor said (sarcastically) "oh the humanity" when the Dow dipped below 12K - normally they pretty well reflect current sentiment. Didn't see much in the way of bearish headlines either.
Great work, just a quibble.
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