Wednesday, January 17, 2007
S&P's, Spiders, and QQQQ's
Here are hourly charts of the March S&P's, the Spiders, and the QQQQ's. I last commented on these markets here.
The S&P's and Spiders remain in the narrow trading range that began last Friday afternoon. I still think support in the S&P's is at 1435 although a drop into the 1433-34 range wouldn't really disturb the bullish picture. Similarly, the support in the Spiders is at 142.70 but a move as low as 142.50 wouldn't disturbe me. I am expecting both to breakout on the upside once these consolidations are complete.
The QQQQ's are now acting a bit worse than the S&P's after being the stronger market so far this year. I think they will hold support near 44.70 and then resume the rally to 47.20.