Wednesday, December 13, 2006
Here is an hourly chart of the March S&P e-mini futures. I last commented on this market here.
The retail sales news this morning pushed the market to the top of its recent trading range, but this advance encouraged a large volume of aggressive selling which increased as the market dropped away from its high.
I think this means that the S&P's are headed back down to support near 1417 and there is an even chance that the reaction will continue even lower to support in the 1410-12 range.
In any case I think that once this correction is complete we shall see the S&P's trade in the 1437-39 range soon after.