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. Both the S&P's and Spiders have broken below the support levels at 1450 and 145 respectively late this afternoon. I think this means that the market is on its way lower, to 1400 in the S&P's and 140 in the Spiders. I also believe that this drop will end at a low above the August 16 lows you see on these charts. Once the next rally begins I expect that it will carry these markets to new bull market highs.
2 comments:
we called this ST top nicely, and we are nearly there with the anticipated correction of 50/70 points, but make no mistake these are buying opportunities and we will carry this market to new highs.
Dave
Investor angst is again at very high levels and for tuesday I expect a positive bias for the stock market. This bull run is not over yet.
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