Here are hourly charts of the March S&P futures, the Spiders, and the QQQQ's. I last commented on these markets here.
You can see that all three markets have broken above resistance on wide range up bars after Bernanke's testimony this morning. This means that the reaction which began last week is over and that the S&P's are headed up to 1470, the Spiders to 146.80 and the Q's to 45.60.
The low of this morning's opening hour is now support and I think all three markets will stay visibly above that level for the rest of the day.
3 comments:
I think we sell these gains tomorrow. There is nothing new that bernanke said we all know what he was goin to say. What are your thoughts on this?
i trade the indexes, spy, dia,iwm qqqq. before todays open i calculated the prices that the spy and dia would have to reach so that the math would be perfect to return them to 143and 125 by friday option expiration... those were todays highs... at the same time the only way all the pieces would fit would be if the iwm was weak and only double topped while the qqqq once more visited 4471... seemed unrealistic going into today but that is what happened... i believe the market will be hit by persistent selling that will take prices to iwm 79, spy 143,dia 125,qqqq44 by friday option expiration.because the geometry of the expected moves is classic corrective action in my work, i believe price will move to new highs after that.
when the geometry ellicits no response, then it often signals a rather dynamic move in the other direction...i believe this is now the case.
Post a Comment