Wednesday, January 03, 2007


Here are hourly charts of the March S&P e-mini futures and of the Spiders. I last commented on this market here.

As you can see the market is putting in a wide range up hour at the open today. This indicates aggressive buying by longer time frame traders. Moreover, there was aggressive selling by longer time frame traders late last Friday but the lack of bearish follow through shows the buyers then were longer time frame traders too. So these longer time frame buyers raised their bids this morning, a very bullish development.

I think the Spiders are headed for 144.40 and the futures to 1455.

1 comment:

Anonymous said...

I am believe that there is not more up,12.600 dow jones or 1.430 index sp500.
The risk of down in the next days,towards to 13 january is high.

Regards and prudence.