S&P

The December S&P futures have moved above the 1/2 point of the current box as you can see from the updated hourly chart above.

I think that the uptrend from the " Katrina " low is still strong so I don't expect more than a 10-12 point break as the next reaction. The market rallied 27 points during the interval separating the previous two 12 point reactions. At the 1250 level it has again rallied 27 points from the end of the last 12 point reaction so another break of that size now would be normal. I don't expect anything bigger until the top of the current box near 1268 is reached.