Wednesday, January 10, 2007

Update for S&P's, Spiders, and QQQQ's

Here is an hourly chart of the March S&P futures. I last commented on this market this morning.

I have been expecting a drop to 1407 because of the early break below Monday's low at 1413. But the market is still resting quietly above support at 1414. When the market gets quiet near the low of a break (in this case the one that began from 1445 on December 15) it is telling us that a reversal to the upside is imminent. So I am abandoning my "down to 1407 " scenario and will instead look for start of a move up to 1455.

1 comment:

Anonymous said...

hi carl:

oil has been going down quite a you think it is headed for a bigger rally to possible mid 60s? thanks