S&P

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

This morning the market broke below the purple line indicating that the reaction from the 1273 level had further to go. Since we have just seen a lower top I have to believe that we will also se a lower low and it should occur near the 1/2 point of the current box near 1246.

The next rally will then carry the market to the 1/2 point of the next box near 1290.