S&P

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

As you can see the S&P's have quickly dropped to 1398 support from yesterday's late high at 1408 (which was in fact a double top against a pre-opening high of 1408 also). I think the market will take a peek below 1398 before the reaction ends, perhaps dropping as low as 1396, the low reached after the breakout above the 1395.25 high.

The next significant development should be a rally into resistance which I now project will be found in the 1418-20 range.