S&P

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

It looks like the bear army has indeed run out of ammunition. Note that there was no follow through to the selling which produced the opening, wide range down bar today. In fact we now see an expanding range up bar showing the 12:30 - 1:30 trading. This tells me that the bulls are about to take control of this market and that a breakout above the last high at 1411.25 is imminent. The low of this bar at about the 1399 level should be support for the rest of the day.