Here is an hourly chart of the December S&P e-mini futures. I last commented on this market here.
I wrote this morning's guesstimate just after the market hit it low so far today at 1378.75. I said that I expected the market to rally 10 to 15 points and then take a peek below 1378.75. So far the S&P's have rallied to 1389.75. I calculate resistance near 1391 and expect the market to drop 10-15 points from there into support at 1376-78.
I think this sequence of events will take most of the week. After the low is in I shall be looking for a move to 1418-20.
1 comment:
Carl, great call. Looking at your earlier posts on individual stocks such as SHLD and CME, you called the bull market move to be over for them. What is the rationale there?
http://carlfutia.blogspot.com/2006/11/sears-holdings.html
For instance, why wouldnt SHLD go towards next multiple of 111.6 low?
Once again, thanks for the great charts.
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