September is now the front month for the S&P futures. The hourly chart above shows the hourly price boxes for this September contract. Notice that I just carried along the price boxes defined by the June contract which are 30 points high and started at 1137 (the day session low in April).
Support is at 1197, the bottom of the third box up from 1137 and I think the next move will carry close to the top of the same box at 1227. I estimate 1224 because I expect sellers to come in as the March top at 1229 is approached.
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