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

Here are hourly charts of the March S&P futures, the Spiders, and the QQQQ's. I last commented on these markets here.

As you can see from the charts above the S&P's and the Spiders both dropped a little below my estimated support levels but not so far below as to make me short term bearish. Morover, take a look at the wide range down bar highlighted in red. This occurred in reponse to Bernanke's congressional testimony. So far at least there has been no follow-through selling. My tentative conclusion is that longer time frame traders were buying on the break and this has bullish implications.

My best guess now is that the S&P's and Spiders will take a brief peek below this morning's low point and then start a rally to the upside targets of 1455 and 144.40 respectively.

The QQQQ's are in worse technical shape. The market has broken well below support and worse, the wide range down bar has seen some follow-through selling. Still, I think that support at 44.10 or so will hold and that the QQQQ's will soon move to new bull market highs.