Wednesday, June 13, 2007

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




Here are hourly charts of the September e-mini futures, the Spiders, and the QQQQ's. I last commented on these markets here.
After testing their June 7 daytime lows early this morning these markets have rallied toward the highs of their recent trading range. I now think today's rally is the first day of a two day rally that will be the third phase of a three phase corrective move up from the June 7 low. I think the S&P futures will reach 1535, the Spiders will reach 152.50 and the Q's 47.30. After this rally ends I shall be expecting the resumption of the move to the 1470, 145.50, and 45.50 targets respectively.
Once the correction from the June 1 high is complete I expect all three markets to rally to new bull market highs.


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2 comments:

  1. Anonymous6/13/2007 04:14:00 PM

    Carl,

    Just to be clear (as with the pictures), shouldn't the last sentence in the first paragraph read:

    "After this rally ends I shall be expecting the resumption of the mvoe to the 1470, 145.50 and 45.70 targets respectively"

    Thanks again for a great web site and for being so generous with your time.

    Larry

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  2. Anonymous6/13/2007 04:44:00 PM

    carl
    there is certainly some truth to your short term veiw . yet here is
    somethign to think of given the general trends of the market .
    typically fundmangers buy the best
    quarterly performing stocks into the end of the quarter .
    typically the mkt rises into fed meettings.
    lately the mkt has been ralling into options expirations .
    cyclely there is a short term low
    which is due this week.
    yesterday was a fibonacci turn day
    the 60 minute chart called for a fibonacci turn on the close .
    so both hourly and daily fibonacci called the turn .
    the next cyclical turn is near the end of the month and this is also a fibonaccii turn date .
    all point to the end of june to early july period as one of the most important turn dates of the year .
    we very well could have already seen the price low of the correction as all cycles turn up
    next week .
    i would expect and decline would hold abot the june 8th low
    as well as the june 12th closing low .
    with futures and options expiration coming the fear is getting out of bearish positions .
    and i would think the bullish positions alread exited the june contract .
    end result we have the makings
    of more highs into month end as
    the bearish positions get squeezed.

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