S&P

Here is an hourly chart showing pit trading in the March S&P fututures.

The market has held support at 1264 for the past three days but late this afternoon has accelerated below that level. I think this means that the S&P's are headed for the 1/2 point of the next lower box at 1246.

My own view is that we are seeing selling by those who anticipate a January break. However my own guess is that the market will make a low early in January and rally for the rest of that month.