Here are hourly charts of the S&P futures, the Spiders, and the QQQQ's. I last commented on these markets here. Before floor trading opened this morning the S&P's traded as low as 1492, not quite reaching the 1490 target I had in mind. Since I am basically bullish on stocks here I am willing to bet that this morning's low marked the end of the drop from the June 1 high, but even if I am wrong I doubt that the S&P's will drop more than a couple of points below 1490.
At this juncture a move above 1520 would be very bullish because it would represent a rally above the high of the last reaction before the low.
The corresponding levels for the Spiders and the Q's are marked on the charts above.
In any case I think we are about to witness the start of a multi-week rally which will carry these markets to new bull market highs.
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