S&P

Here is an hourly chart of the September S&P e-mini futures. I last commented on this chart yesterday afternoon.

In electronic trading early this morning before the pit opening the market dropped to 1262.50 after news of the terror plot against airline travelers to the US from England. Resistance above the market is at 1272 and a close above that level today will mean that the move to 1309 and higher has begun. Meantime I am willing to guess that the market will drop one more time to 1263 support before the move to 1309 begins.