Wednesday, January 31, 2007

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.

The market has come to life after the Fed announced it would be making no policy changes today. I think all three of these markets have broken above the resistance levels shown on their charts. The breakthrough has occurred on a wide range up bar indicating aggressive buying by longer time frame traders. This is a very bullish sign and means that these markets are headed for the near term upside targets I have indicated on the charts.
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3 comments:

  1. Anonymous1/31/2007 03:27:00 PM

    the angry bear that said bulls were deluded last week gave us a nice heads up for this rally

    ReplyDelete
  2. Anonymous2/01/2007 07:55:00 AM

    i think i'm geting it, spx 1408 box level next target halfway to next box bottom 1445

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  3. pursuitist2/01/2007 02:34:00 PM

    How do you arrive at your QQQQ target of 47-48? And what is your time frame. A conservatively drawn rectangles give a target of 46.4. Thanks in advance. --Bob

    ReplyDelete