Here is an hourly chart of the December S&P futures. I commented on this market this morning.
During the past hour the market has dropped sharply (relative to today's activity) and right now shows us an ouside hourly bar with a low close. Since this reversal occurred within a couple of points of the last high at 1363.25 I conclude that the market is headed back to the low end of the past couple of days' trading range. Since we appear to have made a lower top I estimate that the S&P's will make a slightly lower low near the 1351 level and then rally into the 1370-75 range.
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