Here is an hourly chart showing regular hours trading in the September S&P e-mini futures. I am switching into the September contract today and it is trading about 10 points higher than the June contract. I last commented on the June contract here.
Within a day or two the S&P's should hit my 1241 downside target. I think this will end the move down from the 1331 top in the June contract made May 5. The 1241 target would make the entire reaction in the cash market about 95 points in length which equals the length of the March-August 2004 drop, the biggest reaction since the March 2003 low.
Once the upcoming low is in place I expect the market averages to move visibly above their May highs. This up move should take most of the summer.
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