S&P

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

The market has rallied 10 points from yesterday's low of 1367.25. As I have indicated on the chart this equals the length of the last rally on the way down to 1367.25. Morover, there are two temporary low points, 1378.75 and 1377.00, which should provide resistance for the rally from the 1367.25 level.

These considerations make me think that it is still likely that the market will take a peek below yesterday's low, stopping near 1366.

In any case I think that the next significant development will be a rally into the 1410-20 range.