Here is an hourly chart showing regular hours trading in the e-minis. My long position was stopped out today at 1457.
The fact that the market closed well below last week's low is a bearish development coming as it does after the lower top at 1537 ( 152.87 in the Spiders). At this juncture I think this means that the market is headed down below its late November low at 1418 in the e-minis and 140.60 in the Spiders. Right now I think that the 1395 level in the e-minis and 138.50 in the Spiders looks likely.
Earlier today I pointed out the bullish divergence between the 5 day moving average of the advancing issues count and the daily readings. I think this divergence will give us a small, 25 point bounce from the 1440-45 range but that a much more important divergence between the market and the 5 day moving average will be seen before the drop from the December 11 top ends.