S&P

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

I see support at 1398 or a bit higher. That was the level of the high on Sunday night, October 22, in electronic trading. It also would mark a drop of 10 points from the high this morning at 1408; such a drop would equal the length of the last reaction from 1392.75 to 1383.

I see resistance above the market in the 1410-12 zone. And I believe that the market will first trade in the 1398-1400 zone and then rally to 1410-12.