Here are hourly charts of the March S&P futures, the Spiders and the QQQQ's. I last commented on these markets here.
The markets opened below support that I cited in this morning's guesstimate so I think the reaction will be as big as the 31 point break that ended in early January. My exact estimate for the low in the S&P's is now 1431, for the Spiders it is 143.10 and for the Q's it is 43.90.
I still believe that this is a normal bull market reaction and expect to see new highs during the next couple of weeks.
2 comments:
Thanks for your commentary. At what level S&P's would you no longer consider this a normal bull market reaction?
I left a question for you but forgot my email in case you'd rather make a private response.
Regards,
Mark
majsm@yahoo.com
At what level would you no longer consider this a normal bull market reaction (re: S&P)?
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