Here are hourly charts of the September S&P e-mini futures, the Spiders, and the QQQQ's. I last commented on these markets here. Instead of bouncing away from the August 2 tops these markets marched right past that resistance level. This is a very bullish development and is added confirmation of my bullish outlook for the stock market averages. I still think that more "base building has to occur if the market is to push up to new bull market highs. I think we shall see a break of about 25-30 points in the futures to support at 1475 (147.00 in the Spiders). The Q's will probably drop to 48.10 or so at the same time.
By the end of the year the Spiders are likely to have hit the 160 level and the futures will probably have traded above 1600. The Q's should trade up into the 57-60 range over the next few months.
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