S&P

Here is a 15 minute bar chart of regular hours trading in the June S&P e-mini futures. I last commented on this chart yesterday.

By my count (which includes electronic trading not shown on this chart) the market has staged four big rallies from the 1232 level yet we are down there again now. I think this means that support at 1232 has been exhausted and that the S&P's will now make a quick trip to 1225. I still think a big rally will develop from there, probably to the 1282 level.