S&P's, Spiders, and QQQQ's

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

In this morning's guesstimate I said that support today in the futures was at 1426, the Spiders at 142.60, and the Q's at 43.54. So far these levels have held pretty well and I think that this morning's low was the end of a standard, three phase correction which retraced about a third of the previous rally in these markets. Note that in each of these markets the first and third downward phases of this completed correction ended with wide range down bars. Neither of these two bars saw any follow-through selling. This means that longer time frame traders were buyers on these breaks and indicates a bullish technical condition.

The next upside target in the futures is 1465, in the Spiders 146.50, and in the Q's 45.50. I think these market are on the way to new bull market highs.