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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.
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you've been so good at calling this market it is hard to go against you, but I think we will correct about 3% from the 1453 high in the SPX which will put the index around 1400 and point 18 on the "3 Peaks" formation.
I would expect an initial decline into early next week followed by a retrace into expiration, and then the following week expect a swift decline down to 1400.
carl, enjoy your blog a lot.. should you ever have time might you analize the russell futures.thx jm
Good call, Mike.
Everyone has some value to add
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