S&P Update

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

This morning I thought that the market had made its low at 1256.50 and would commence a rally up to 1282. Instead all that happened was a sideways movement of about 3 hours and then the S&P's broke completely throught the 1250-55 zone, my original target range for a higher low.

I now think that last week's low of 1245.75 will be be broken by a bit and that the market will drop to 1242 or so before beginning a move up to 1282.