S&P

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

You can see that the S&P's have taken out the last high on the way to Friday's 1365.50 low. Moreover, the breakout bar shows a wide range (and hence high activity). These two considerations are evidence that 1365.50 was the low of the reaction from 1395.25 and that the market has begun a move into the 1410-20 range.

As a rule, the bottom of a wide range up bar like this one will be support for any reaction, so I think that the S&P's will not drop lower than 1373 today.