Friday, January 26, 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.
I had expected yesterday's low points to hold, but this morning all these markets broke those lows decisively on a wide range down bar. In fact the Q's made a new low for the reaction that started from their January 16 top.
I am still willing to bet that this morning's low points pretty much ended the break from yesterday's highs. The support levels I am working with are shown on the charts.
Today's first hour high is also drawn on the chart. As the high of a wide range, down bar this is normally pretty strong resistance for any rally. If I am reading this market correctly then the market will rally above this resistance level on Monday.