Here is an hourly chart showing regular hours trading in the June S&P futures. I last commented on this chart here.
Tomorrow the September contract will move to the top step and become the most active contract. September is trading about 10 points above June.
In this morning's guesstimate I revised my estimate of resistance upward a bit from 1266 to 1268. The market has traded as high as 1270.75 this morning but I am not ready to give up on 1268 yet. I will say though that a move as high as 1275 would lead me to conclude that the market is headed to 1300 or so. This is turn would cast doubt on the 1231 target because as I have pointed out here there is a lot of bearish sentiment in this market.
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