Zeev - The "set-up" on the S&P 500 futures using Larry Williams methods (which is what I use to trade futures) is saying (a) ... this rally is most probably about over, and (b) the S&P is getting set-up for a very big rally later - my guess is starting in October of this year.
The Commercials are quickly building a nice net long position in the S&Ps, and probably will continue to do so for some time, as they are almost always early (even very early).
At the same time, sentiment on the S&P is fairly bearish, and will probably get more bearish, which is a big part of a perfect bullish set-up.
However the combination formation of the ADX and stochastics is pinching together, which says the rally is about over. When they "paunch" far apart (and the commercials continue to get more and more long as sentiment gets lower and lower), then will be the big rally.
It will be similar to the same set-ups in October - 1998 ... November - 1999 ... April - 2001 ... September - 2001 (it was actually set-up long just prior to 911) ... July - 2002 ... and October - 2002.
That is if the system still works ... <g>
Ken Wilson
