S&P's, Spiders, and QQQQ's

Here is an hourly chart of the March S&P futures. I last commented on this market here.

In this morning's guesstimate I said that the early morning break below 1413 meant that the market was headed down to 1407. I still think this is likely and I'll stick with this view unless the S&P's can show some strength above yesterday's close which was at 1420.50.

If the S&P's make it to 1407 the Spiders should hit 139.60 and the QQQQ's will probably drop into the 43.50-43.60 range.

From those levels I shall be looking for a strong advance which will carry the futures to 1455, the Spiders to 144.40 and the QQQQ's into the 47.00 - 48.00 range.