S&P - Bears Defeated

Here is an hourly chart of the December S&P e-mini futures. I last commented on this market a short while ago.

As you can see the market is showing a wide range breakout above today's pit high and the October 26 high at 1395.25. In doing so the S&P's have moved well past the levels at which aggressive selling has entered the market during the past week (red bars). I think this means that the bears have run out of ammunition and that the market is headed substantially higher.

I estimate support now stands at 1392 and that the market will continue up into the 1402-04 range before it hesitates substantially. I still expect to see the 1410-20 range by the end of the month.