Here are hourly charts of the September S&P e-mini futures, the Spiders, and the QQQQ's. I last commented on these charts here. The futures didn't hold support at 1530 so I now think the market is headed back down to the low of its trading range near 1490. This would bring the Spiders down to 147.50 or so and the Q's to 47.75.
After these lows are established I think we shall see a rally to new bull market highs.
1 comment:
Hi Carl, First of all, may I say many thanks for your time and effort for your blog, been a long time avid reader. Due to the heavy sell of the dow today and in relation to the three peaks, have we seen point 19 and moving onto point 20?
I agree that the dow has not reached it's peak and in relation to S&P reaching 1570 which is roughly equivalant to 13800 to the Dow, then this would be the begining of a 1000 point upward movement towards point 21. Would this be the case?
Let me know what you think and also fellow bloggers.
Many Thanks Kris, London
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