Thursday, February 08, 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.

In this morning's guesstimate I said that I expected the S&P's to hold support at 1449 and the Spiders to hold support at 144.40. So far both markets have held support and I think that both will move to the indicated upside targets after some more sideways action.

The Q's are starting to act stronger than the S&P's and Spiders. I expect this situation to continue and think the Q's will hold support at the low of yesterday's breakout bar.


Anonymous said...

with all do respect i would like
to mention that the dow has not closed above its feb 1 close .
the spx has not gotten above 1455
the nasdaq has held up better lately which is a cuation note to bearish thinking . but there is several top to top and bottom to top counts into this week .the market overall looks toppy .
so no proof by price action to prove the bearish case yet we are
now into th 6 months 23 days from
the june lows . if the market is topping it must beging to show bearish signs .

Anonymous said...

todays actions did not have any bullish confirmations and looks very bearish. I believe Google take a two day plunge along with the markets.