Wednesday, January 31, 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.
The market has come to life after the Fed announced it would be making no policy changes today. I think all three of these markets have broken above the resistance levels shown on their charts. The breakthrough has occurred on a wide range up bar indicating aggressive buying by longer time frame traders. This is a very bullish sign and means that these markets are headed for the near term upside targets I have indicated on the charts.