S&P Update

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

The market has put in a second wide range down bar and has traded below the 1387 level. It has traded sideways for several hours just under the old top at 1395.25. Taken together I think these facts imply that the S&P's are headed down again to support near 1381.