Here are hourly charts of the March S&P futures and the Spiders. I last commented on these markets here.
As you can see there has as yet been no follow through to this morning's wide range, bullish up-bar. In fact the market put in a wide range down-bar over the last hour. I had been expecting an imminent upside breakout but instead we have a continuing battle between the bulls and bears in a trading range that has persisted since December 27.
The market is near the low of this morning's wide range up-bar and such a level is normally good support. I think we shall see the index hold support and close above support today. If I am right then the market will head visibly higher tomorrow. If instead we see a close below 1430 in the futures and below 141.90 in the Spiders I will conclude that the futures are headed down to 1416 and the Spiders to 140.40.
In any case I expect to see much higher prices later this month.
2 comments:
Carl,
How does this affect your domed-house prognosis?
Thanx.
Hi, Carl
I just amazed to see how you get this kind of accurate projection. Could you shed some lights on how you get 140.4 as I can see there are levels of support around 141.4, 141. Could you also explain how you work out this kind of level in the post so that we can learn from you.
Thanks
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