Ceiling on Today's Attempted Upside Reversal

Heading into the final hour of trading the e-Mini S&P 500 so far has hit my initial recovery target zone of 1515/18, which for the time being has put a ceiling on today's attempted upside reversal. The e-SPZ has given up its gains of about 9-10 points, but is circling unchanged, which represents a recovery of around 13-14 points off of the overnight low. My work argues that the upmove from 1492.50 to 1515.75, while impressive, actually is a countertrend rally prior to another downleg that should press prices, including the S&P 500 Depository Receipts (AMEX: SPY), into new low territory.