S&P Update

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

About 90 minutes ago the market traded at 1379.25. I think the drop from Thursday's high at 1393.75 is pretty much over, although it would not surprise me to see a 1378 print late today or early Monday. In any event the next significant move should be upward. First resistance at new highs is in the 1402-04 zone but I think the market will enter the 1410-20 zone by the end of the month.