Here are hourly charts of the June S&P futures and of the QQQQ's. I think tomorrow trading will switch to the September contract which is trading about 15 points above June. The chart of the Spiders is very similar to that of the S&P's if you first divide the S&P price by 10. I last commented on these markets here. I thought the S&P's would stop near 1519 but the market has gone lower, bouncing temporarily off of the level at which the break equals the length of the last break (28 points). My best guess here is that after a rally of maybe 7-8 points we shall see another drop, this time down to the 1510 level in the June futures and 1525 in the September futures (151.00 in the Spiders). From those lows I shall be expecting the market to move to new highs. The Spiders should rally to 155.50 and the September S&P's to 1570.
I still think it likely that the Q's will drop to support near 46.70. From there a rally to the 49.00 level should develop.
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