S&P

Here is an updated hourly chart of the December S&P futures.

The market still has a good shot at rallying to 1199, close to the 1/2 point of the current box at 1202. If it manages to move a few points higher than that 1/2 point, say to 1206 or so I would conclude that the 1172 level reached last week was the low of the reaction from 1250.

In the meantime I think it makes sense to expect the market to stop around 1199 and then to move to the 1/2 point of the next lower box near 1159. Should the market reach 1159 in a few days a very clear divergence would probably appear in the 10 day advancing issues indicator and make it very likely that the final low has been seen.