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.