Wednesday, December 13, 2006

S&P Update

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

As you can see there has been no follow through selling subsequent to today's opening wide range bar. This tells me that the buyers during that opening bar were in fact longer time frame traders. The last buying by these longer time frame traders started at the low of the last green bar you seen on the chart. This was below the 1420 level so we see that the longer time frame traders have raised their bids.

This is a very bullish development and tells me that the market is about to move above the 1432 level to resistance in the 1437-39 zone.

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