Monday, January 29, 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.

Friday I said that I thought these markets would break above the resistance levels indicated in the charts which are defined by the high of Friday's wide range, down hour at the open. Today the Q's took a brief peek above that level but so far the S&P's and Spiders have not managed to move above that resistance. The market has behaved sluggishly near resistance and this means that it is about to take a trip back to Friday's lows or a tad lower.

However, I don't think Friday's low points will be broken by much if at all, and I think that a move to the upside targets of 1455 in the S&P's, 145.00 in the Spiders, and 47-48 in the Q's will begin in a day or two.

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