S&P

Here is an updated 15 minute bar chart showing regular hours trading in the June S&P e-mini futures.

In this morning's guesstimate I said that the break below the 1305 level meant that the market was headed for 1288. At 10 am ET Bernanke told the markets that the Fed may pause in its interest rate increase program and the subsequent rally took out yesterday's high. Moreover, volume on the rally was persistently high relative to past days activity.

I think that this morning's low at 1300.25 will hold and that the market is on its way to 1350.