Here is an hourly chart of the September S&P e-mini futures. I last commented on this chart here.
The market traded as high as 1281.75 this morning, a little shy of my 1285 target. Right now I think a three phase reaction has started from that high. The first phase will probably end near 1268 and be followed by a second phase rally of 5 to 8 points. The third and final phase should then carry the market down near the 1262 level.
After this correction is complete I expect the market to rally to 1300 or higher.
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