Here is an hourly chart of the December S&P e-mini futures. I last commented on this market here.
Shortly after today's pit open the market dropped to within a quarter point of the initial 1353 target I mentioned yestereday and then rallied ot 1358. I think we are now on the way to a slightly lower low which I estimate will develop in the 1350-51 range.
Once this low occurs I think the market will rally close to its 1363.25 top. Whether or not it goes further than that on its first try is something I can't yet make an informed guess about.
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