Here is an hourly chart of the December S&P e-mini futures. I commented on this market earlier today.
You can see that the market completed an expanded range, down hour with a low at 1378.75 about an hour ago. Note that the low of the hour was above the 1378.25 high made on October 16. The market then rallied strongly from its hourly low.
The 1378.25 high is support. More often than not the market looks not to the last high but to the one before than for support in an uptrend.
I think the S&P's will be trading at 1390 in a day or two.
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