Here are hourly charts of the March S&P e-mini futures and the S&P tracking stock, the Spiders (SPY). I last commented on this market here.
Both these charts tell the same story, but since there is much more trading interest in the Spiders than in the S&P futures I plan to switch the focus of my commentary to the Spiders from the futures.
The S&P futures and the Spiders have both put in wide range up bars in today's opening hour of trading. This shows that longer time frame traders have raised their bids yet again and means that I must abandon my 1416 downside target for the futures.
I think the S&P futures are now headed up to 1455 and the Spiders to 144.40. If I am right about this then yesterday's highs (1430 in the futures, 141.60 in the Spiders) will be support today.
4 comments:
Carl,
If it's not too much trouble, would you please still refer to the S&P futures when talking about the SPY (at least occasionally)? I'd appreciate it.
Also, would you estimate we've finally put in the final reversal of the five on the Dow?
Thanks,
matt
I do hope you keep tracking the S&P Futures as they seem to be the key to many other instruments including the SPYders. The S&P leads....
really appreciate your work
Carl, I hope you reconsider and keep your focus on the S&P Futures. It is much more helpful to track the S&P futures as it correlates to the S&P cash and everything else flows from that.
I sincerely hope you don't swith to the SPY. I love your work and blog. Thanks for all of your hard work.
I'd also like to see you keep tracking ES in addition to/instead of SPY. Thanks for a great site!
~Greg
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