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 chart Friday.

In this morning's guesstimate I said that the 1261 level should be support today and that the market would soon rally to 1282. A short while ago the market broke decisively below 1261 so now I think that it is headed down to 1243. The drop from this morning's high at 1267 looks like the third phase of a three phase correction.

I still think the 1229 low made last week will hold and that the S&P will move to the 1350 level this summer.