Here is a 15 minute bar chart showing regular hours trading in the September S&P e-mini futures. I last commented on this chart yesterday afternoon.
In this morning's guesstimate I said that the S&P would probably drop to support at 1255. The first hour price action shows a steady drop to 1261.25 and I now think the market is about to turn upward and rally to 1275. From resistance near 1275 I am expecting to see a three phase correction like the one I have illustrated in the chart. My guess right now is that the correction will probably carry the S&P's down to 1250 or so, but I would not be surprised by a bigger drop than that. Even so I expect the 1229 low to hold and to see the market over 1350 this summer.
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