S&P

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

So far the advance has been developing pretty much as anticipated. This morning the market traded as high as 1329.50, a new bull market high for the December contract. I am guessing that it will reach the 1330-31 zone before a reaction sets in. The first reaction should be a small one and I think it will probably halt near 1323 support. The next upward phase is likely to carry the market to 1340 or a point or two higher.