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.

Today's opening hour was a wide range down bar indicating aggressive selling by longer time frame traders. The key issue now is who were the buyers.

Normally, longer time frame sellers do not trade with longer time frame buyers. My best guess is that this is indeed the case here. The implication is that the market must move back to the lows of the current trading range to find more long time frame buyers. This means that the support levels I have drawn on these charts will be broken later today. The S&P's are headed down to 1408, the Spiders to 140.00 and the QQQQ's to 42.20.

If I turn out to be wrong in this assessment then these support levels will hold today and the market will start moving higher tomorrow. But at the moment I think this is the less likely outcome.