Blogger has been down all day and I haven't been able to post for several hours until just now.
Here is an updated hourly chart of the September S&P e-mini futures. I last commented on this chart here.
I had been expecting a low near 1241 in the September contract. In the event the market made it down to 1245.75 and has since rallied sharply. I think we have seen the low of the drop from the May 5 top (1342.75 in the September contract). As soon as the market moves above the 1285 level (the last reaction high on the way down to the low) we will have added evidence that the low has been made.
Sometime during the next couple of trading days I would expect to see a reaction down into the 1250-57 range. My best guess right now is that it will start from resistance which I think stands near 1280.
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