Here is an hourly chart showing pit trading in the March S&P futures.
After the first 90 minutes of trading today the market had dropped to 1286.70 and then rallied to 1292.00. At that point I said that I expected another break down to 1285 and that the market shouldn't spend much time above 1292.50 in the meantime.
As you can see from the chart we have spent a fair amount of time above the 1292.50 level so I must conclude that the next stop is 1304.
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