The hourly chart of the S&P futures above shows the 43.70 point boxes which have been controlling the uptrend from the April low at 1136.80 (day session).
The futures recently established a new high for the bull market by breaking above the March '05 top at 1229.80. They stalled at the 1/4 point of the third box at 1235 and have so far reacted to a couple of points below the breakout level. My best guess now is that the market will react to the top of the second box near 1224 and then resume its move up to the 1/2 point of the third box at 1246.
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