S&P

Here is an hourly chart of the March e-mini S&P futures.

I thought the market would rally up into the 1288-9 zone but in fact the market has rallied more than I expected, so far as high as 1291.25. But as you can see on the chart volume has dropped sharply as the market has rallied. This is an indication that the rally is just a temporary interruption of a bigger downtrend, one which I still expect to carry to 1273. I think the rally from 1280 is complete and that a swing down to 1273 is about to begin.

After the drop to 1273 is complete I am expecting a move up to 1320 and then to 1350.