Here is an updated hourly chart of the March S&P futures showing pit and electronic trading.
You can see that early this morning the market dipped a bit below 1276 and since then has rallied sharply. I think this means that a move to 1320 has begun and that this morning's low will hold. It is still likely that the market will react back to 1279 support once more before before the upmove begins in earnest.
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