Thursday, January 11, 2007
S&P's, Spiders, and QQQQ's
Here are hourly charts of the March S&P futures, the Spiders, and the QQQQ's. I last commented on these markets here.
This morning's opening hour was a wide range up hour. It shows that the longer time frame sellers have withdrawn the offers that had pushed the market lower early during each of the past three trading session. The longer time frame buyers have raised their bids substantially. This is all very bullish activity.
In the S&P's and Spiders support is now at the low of today's opening hour, but if this market is as strong as I think that low will not be approached. Instead I think any reaction from current levels will be limited to 6 points or less in the S&P's and 60 cents in the Spiders. The S&P's are headed for 1455 and higher while the Spiders are headed for 144.40 and higher.
The QQQQ's have support at the recent breakout level. The Q's are acting stronger than the S&P's after having been weaker during the last two months of 2006. They should reach the 47.00 to 48.00 zone in a few weeks.