So far today the e-minis have dropped as low as 862.00, a little below the lower boundary of my 865-75 target zone. Volume has been dropping as the market has moved lower. This makes me confident that the December 22 low at 852.75 will hold. However, any weakness below the 850 level will mean that the market is probably headed for 750 again. In the meantime I think tomorrow will be a bullish day and that a move up to 975 or so will be the next significant development.
by Carl Futia (CarlFutia.com)