Here are hourly charts of the September S&P e-mini futures and the Spiders. I last commented on these markets here. As you can see the market has accelerated back above the 1530 level early today, thus cancelling my interpretation of the significance of its break below 1530 two days ago. We now can see two consecutive higher lows since the late June low and this is generally a very bullish configuration. I think the S&P's are headed for 1570 and the Spiders for 155.50. The Q's should reach the 50.00 level at the same time.
There is more to go after these prelimary targets are reached. By November I think that the S&P's will have rallied at least to 1630.
2 comments:
Carl, you forgot to mention that all this was going to happen in one day. Holy hedge fund capitulation.
Hi Carl:
i sent you a message yesterday but i believe you didn't have a chance to look at my message..
SPY almost hit your target today of 155.50...after we hit 155.50 on SPY..what are you expecation ..are you looking for it to move up to 1630 right after or after a big correction as much as march if not more? thanks very much for your great work.
Roger
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