Friday, December 08, 2006

S&P Update

Here is an hourly bar chart of the March S&P e-mini futures. I commented on this market earlier this morning.

I thought that the opening hour would be an exhaustion bar because of its wide range and high volume to the downside with its low on support. The next bar (highlighted in green) was an up bar with and even bigger range and volume almost as big as the opening bar. This tells me that this morning's low at 1416.25 will hold and that the market is headed up to resistance in the 1437-39 range.

For the rest of today I think the S&P's will hold support which I estimate is at 1421 near yesterday's close.

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