S&P

Here is a 15 minute bar chart showing regular hours trading in the September S&P e-mini futures. I last commented on this market here.

In this morning's guesstimate I said that I thought the market was stalling in the 1268-70 zone and would drop early today to 1255 or so and then rally. The market's early action has changed my mind about this.

The key fact is that the early break from the 1271 opening price stopped at 1266.75, just above the last tick of yesterday's regular hours trading at 1266.25. I had expected a quick drop to negative territory for the day, but since it hasn't happened I now think that the S&P's will move up to the 1280 level before the first significant reaction occurs.