Monday, January 22, 2007

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

Here are hourly charts for the March S&P futures, the Spiders, and the QQQQ's. I last commented on these markets this morning.

We have seen a modest amount of follow-through selling subsequent to the wide range, down bar this morning. This afternoon's rally has been weak and I still think the market is headed for the downside targets illustrated on the charts.

Once those targets are reached I expect to see a rally to new bull market highs.

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