Here is an updated hourly chart showing pit trading in the March S&P futures.
As you can see this morning the market dropped about 3 points below my projected support level at 1267. So far the subsequent rally has been unable to move above yesterday's close. This tells me that prices will probably break the January 26 low at 1262.50 by a point or two but then stage a quick reversal.
In any event the next significant development will be a rally to 1320 from current levels.
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