Here is an updated hourly chart of the December S&P futures. (Note: starting tomorrow morning the March'06 contract will become the top step, most active contract and I will move my attention there.)
As you can see the market has just reached 1255, my favored target for the reaction. I think the odds are very good that it will level out here and rally the rest of the week. If I am wrong the worst I see on the downside is the secondary target near 1246.
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