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| S&P Futures Hourly Chart |
The bears stepped in this morning right at the purple trendline that was broken last week. So far the bulls have been attempting to defend the 1317ish level (top red Fib line). The short term indicators are getting worked off... but still have room for more selling. The action looks fairly positive for the bulls so far, but they have a lot of work to do in order to keep the selling contained the rest of the day.
