Here are hourly charts of the June S&P future and the Spiders. My data feed for the Q's is broken at the moment so I can't show you a chart for that market. I last commented on these markets here. I think the S&P's will find support near 1493 and the Spiders near 149.00. From those levels I expect the market to rally to a new bull market high. Upside target for the S&P's is 1536 and for the Spiders is 153.30.
The Q's should hold support near 45.90 and then rally to 47.50.
4 comments:
Yawn. Looks like just a healthy mild pull back which will allow more buyers to come on board as we go to the next high. At least that is what everyone is saying. Should that cause contrarians any worry?
I expect continued weakness ... could be a sharp move finishing at the lows near 1460 tomorrow and then up to new highs or it could be a slow grind into Expiration near the same levels.
Welcome back Carl!
Hi Carl,
The NYSE Advancing Issues seems a bit weird for want of better words. Since 3/21 (using a 5 day MA) when the SPX was 1435 and the 5 day Advancers were at there highest the market has gone to 1513.8 as of yesterday and the 5 day MA has never approached 3/21. In addition, it has been in oversold territory on a few occasions. Can you please give an explanation?
Thank you, Victor
Carl, spot on mate!! if only you could predict what my love life is going to be like in the next few weeks ; ) Kris, London
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