S&P

Here is an hourly chart of pit trading in the December S&P.

The market rallied initially after the Fed announcement of a 25 basis point increase in the funds rate. Since then it has sold off and shows what appears to be a lower top relative to yesterday's high at 1214.50. Since lower tops are typically followed by lower lows I am looking for this reaction to continue down to support near 1195. This would make the reaction just a bit less than 1/2 a box in length.

Once the reaction is complete I expect the next leg up to carry to the top of the box around 1223.