The hourly chart of the September S&P futures you see above shows that the market has yet to escape from its trading range bounded by the 1/2 point of the current box at 1246 and the bottom of the same box at 1224. I think the market will have to revisit the 1227 level before it will be able to break above 1246. Once this happens the next stop on the upside will be 1257.
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