Today trading activity switched to the December contract in the S&P futures. This contract trades about 6 points higher than September.
Above is an updated hourly chart of pit trading in the December S&P. You can see that yesterday's high at 1243.80 was just short of the 1/2 point of the current box at 1246. On the way up from the "Katrina " low we have had two reactions 0f 11 to 13 points. So I conclude that the drop from yesterday's high in the December contract will not go lower than 1230 before the market resumes its move up to the top of the box near 1268.
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