S&P

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

Today's opening hour is shaping up as a wide-range "outside" bar and shows that the bears are agressively selling this market. Support in the 1387-88 range has been broken. I conclude that the market is headed down to 1375 or so. However, after this opening selling I think the market will rally 4 points or so before it resumes its drop to 1375.