Here is a 15 minute bar chart showing regular hours trading in the September S&P e-mini futures.
In this morning's comment on this market I said that the break below support at 1261 meant that the market would drop to 1243. So far the S&P's dropped as low as 1247.25 but I think there is still a good chance that early tomorrow we will see the market closer to 1243 or even a bit below there. Any strength above 1256 would tell me that the drop from 1270.75 is over and that the market is headed for its next upside target at 1282.
I have also shown on this chart the 1 and 5/8 multiple of the 2002 low at 767.50 which stands at 1247. A low near there would be another very bullish indication because it will show that the market is "climbing back on top" of strong, long term support which was broken briefly on the way to last week's 1229 low.
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