Wednesday, February 07, 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.

After an early reaction all three market broke out above their recent highs, the S&P's and Spiders reaching new bull market highs. But the breakout was an unenthusiastic one and the market got very narrow at its highs. This afternoon we saw a break which carried all three markets back to the low of this morning's wide range breakout bar.

I think the low of this breakout bar will prove to be support, especially since at that level the S&P's and Spiders have dropped as much as they did during the reaction yesterday.

I expect the advance to resume in all these markets tomorrow.


Anonymous said...

carl, enjoy your blog a lot.. should you ever have time might you analize the russell futures.thx jm

Anonymous said...

Good call, Mike.

Everyone has some value to add