S&P

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

In that last post I noted the wide range down bar which told me that the market was again headed down into the 1396-98 support zone. But that dog didn't bark! By this I mean that, instead of continuing its break on subsequent bars as would be normal behavior, the market has rallied for almost three trading hours and has retraced most of that wide range down bar.

I think this means that the S&P's are now headed up into the 1418-20 resistance zone and that the low of yesterday afternoon's break at 1401.25 will hold in the meantime.