S&P Update

Here is an updated 15 minute chart of the June S&P e-mini futures.

This morning I thought that the sudden reversal from 1308 heralded a breakout to 1328. Instead the market dropped below yesterday's close (dashed line) which meant that this morning's move was another fake-out.

It now looks like today's high ended the third phase of a correction from 1305.25, labeled dd -ee-ff-gg on the chart. This upward correction was itself the middle, upward phase of a larger three phase correction downward from the 1321 level with the blue labels a-b-c-d. I think point d will develop near what I see is support around the 1297 level. After point d is reached I expect a move upward to 1328 and higher.