Friday, December 08, 2006


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

Today's opening hour is a wide range down bar. The low is at 1416.25, just a little below the low edge of the 1417-19 support zone.

I think this wide range, high volume bar will prove to be an exhaustion bar. The 1416.25 level should then not be broken by more than a couple of ticks. The next swing will carry the market upward into the 1437-39 resistance zone.

1 comment:

Anonymous said...

Don't you feel the dips in SPX are getting to be too shallow? Smells like desperation from the people who've missed the rally and are trying to push the market higher.