Here are hourly charts of the March S&P futures, the Spiders, and the QQQQ's. Note that the June futures become the most active contract tomorrow morning and trade about 12 points over the March contract. I last commented on these markets here.
I think the rally from yesterday's lows is over and that the market is about to move down to 1363 in the March futures, 136.30 in the Spiders, and to 41.00 in the Q's. After this drop we should see the biggest rally since the February 22 top. After this rally I shall be looking for a third phase decline which will carry the Spiders to 135.00, the June futures to 1360, and the Q's to 39.50.
1 comment:
I don't think the current rally will end until after options expiration week, at which time the SPY will be considerably higher than 140.
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