Thursday, January 04, 2007

QQQQ, Spiders and S&P's

Here is an hourly chart of the QQQQ. I last commented on the stock market here.

I think the indexes are about to drop to the downside targets I cited in this morning's guesstimate. The only exception is the QQQQ which is acting stronger than the S&P in that it has recovered almost all of yesterday's drop. In contrast the S&P's and Spiders have recovered less than half of their drops.

So I think the QQQQ's are about to drop to a higher low at 42.90 or so and then begin a rally to 44.70. The Spiders should drop to 140.40 and the March S&P's to 1414 or so. From there the S&P's should start a rally to 1455 and the Spiders to 144.40.

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