Thursday, October 12, 2006
Here is an hourly chart of the December S&P e-mini futures. I commented on this market earlier today.
The S&P's are approaching the 1373 target. I still think that a break of 25-30 points is likely to start from there. But first I think we shall see a move down to support near 1363 followed by another move above 1370.
I must point out that this market shows little volatility as it continues to advance. This is a very bullish sign. It meanst that skepticism dominates traders' thinking, not enthusiasm. In such circumstances the market's trend will continue to develop in a pattern of higher lows and higher highs until volatility shows an obvious increase.