Here are hourly charts of the Sepember S&P e-mini futures, the Spiders, and the QQQQ's. I last commented on these markets here. The S&P's and Spiders have reached my 1435 and 142.50 downside targets. They may go a little lower than today's low thus far (1432.25 in the S&P's), perhaps to 1430 as I suggested in this morning's guesstimate. In any event I think we will close up on the day today and that the market will begin to rally in earnest tomorrow. The rally from current levels should carry the averages to new bull market highs later this year.
carl
ReplyDeletethere is one last risk before were out of the woods as i see it and it lies in the dow 60 min chart .
if it fails to get above 13503
and 13534 . but most importantly if it turns down from 13503
then the past sideways move from
aug 1 is a symetrical triangle
which is ending now . if that is
the case then we have hard down
thrust over the next 1 to 2 days
which would take the dow to
13100-13007 with a very slight chance to 12880 which i have serious doubts . so were not out of the woods just yet . todays bounce while constructive was not very good internally .
symetrical triangles usually are seen just prior to theendof a move
and many times thrust out in the same direction they begin in which was to the down side . ill admit im bullish as of today on the oex
yet the next 2 days are still open
for a stronger decline .
believe it or not the buy signal was out on Aug1st, the down day of Aug3rd did not really do any harm to the uptrend line, today's Aug5th kind of nullified Aug3rd, if OEX can close above 685 tomorrow, yes, the rally is in earnest.....and the target should be in the 699 area.....
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