Here is an hourly chart of the March S&P e-mini futures. I am switching to the March contract today from December. March trades 12 points over December so adjust the numbers in my recent S&P posts accordingly. I last commented on this market here.
I thought the market was about to rally to 1437. After breakout out from the trading range of the past two days the S&P's got as high as 1432. Then the bears started selling aggressively. You can see this selling in the last two bars on the chart which cover the 90 minutes of trading since the pit open.
I think this means the reaction I had been expecting but gave up on earlier this week has started. I think the market will drop to support which I see in the 1417-19 range. Then I shall be looking for a rally to 1437 or so.
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