S&P

Here is a 15 minute chart of regular hours trading in the March S&P e-mini futures.

As you can see the market has been locked in a 1280-1292 trading range the past few days. This morning, in electronic trading, the e-minis dropped to 1280 before bouncing upward and this rally continued when regular trading hours began.

I have highlighted the fact that volume on the move up this morning was high relative to the volume on yesterday's afternoon rally. Morever, on the break from this morning's high trading volume showed a definite tendency to contract. This makes me think that the upmove from the 1280 electronic low this morning is not yet complete. I think we will see the market rally to 1293 or so today and then drop to 1275 early next week.