S&P

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

I had been expecting a low around 1265 but this morning the market sank well below that level without any bounce at all. It now looks like the market will take out its last low at 1256 but will hold above the December low of 1251.50. I still think that the next big move will be upward to 1320 and above.