S&P

Here is an hourly chart of the December S&P e-mini futures. I last commented on this market Friday.

The market has bounced off of 1330 resistance and has now begun the third phase of what I think will be a three phase drop to 1315 or so. I suspect that the S&P's will take one more peek above the 1330 level before the drop to 1315 begins in earnest. In any case once this three phase correction is complete I expect the market to rally into the 1345-50 zone.