S&P - Second Update

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

The market has rallied as high as 1370.75 so far from today's low at 1364. I think we'll see a print in the 1371-72 range followed by a drop to or a bit below today's low.

However, I do not think the market will go straight down to 1351. Instead I expect another rally from the 1360-65 range back to 1370 or so.