Thursday Afternoon

S&P Futures Hourly Chart

The S&P futures have pulled back into an important support zone today. The 1380-1390ish area is where we saw a heavy volume exchange on March 13th. I put arrows on the chart above showing the March 13th push up and the corresponding volume. It's premature to suggest a head and shoulders topping pattern, but it almost looks like we could use a right shoulder rally up to that 1403-1406 area. Either way, the bulls have some work to do in order to hold support around 1380.