In this morning's guesstimate I said that the S&P should hold support at the 1/4 point of its box at 1235 but the market blew right past that level heading downward. The chart above shows all the hourly bars (including those recording the overnight Globex trading) since the last London attack which briefly sent the market down to 1167. I now think the S&P will hold support at the bottom of its box at 1224.
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