Here is an updated hourly chart of the December S&P futures. I commented on this chart this morning.
I have a strong suspicion that the rally that began from the morning low at 1304 and carried to 1313.75 early this afternoon is only the first phase of a three phase rally. If I am correct then the market will hold support at 1303 and then rally a little above today's high, getting close to or a little above resistance at 1315. One reason for my suspicion is that the number of advancing issues today is visibly higher than yesterday's number despite the fact that the market has been trading below yesterday's close all day.
In any event once the rally is complete I expect a third phase drop to 1298 and then a move above the 1330 level.
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