Here is a 15 minute bar chart of regular hours trading in the September S&P e-mini futures. I last commented on this market here and later in this morning's guesstimate.
In this morning's guesstimate I said that I thought yesterday's rally was probably only the second phase of a three phase correction instead of the start of a move to 1282 which was my view yesterday.
The strong rally after today's pit open carried the market above yesterday's high, but the entire move up from 1247.25 to 1261.50 looks like a three phase rally. I am going view it as such unless the market shows strength above the 1263 level. If I am right about this then the rally which started from Monday's low is only the second phase of a three phase drop from 1270.75. This in turn means that the market will soon start a drop to the third phase low which I expect to develop around 1238.
Once the correction from the 1270.75 level ends I am expecting a move up to 1282. I still think we shall see the S&P at 1350 this summer.
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