S&P's and Spiders

Here are hourly charts of the June S&P futures and the Spiders. I last commented on these markets here.

This morning the Spiders started trading ex-dividend by about 55 cents. In light of this I want to revise my support calculations at bit and then offer my best estimate of what lies ahead over the next week or so.

The break from today's high in the S&P's should carry a little lower to 1392 or so and be followed by the third phase of the rally that began from Wednesday's low. The upside target for the S&P's is 1415. The Spiders should find support near137.80 and then rally to 140.50.

Once the third phase of this rally is complete I would expect a drop in the S&P's to 1360 and the Spiders to 135.00 which should prove to be the final downleg in the correction which began from the February 22 top.