Tuesday, February 13, 2007
S&P's, Spiders, and QQQQ's
Here are hourly charts of the March S&P's, Spiders, and QQQQ's. I last commented on these markets here.
I think the market completed the first phase of a three phase reaction at yesterday's low points. I think the subsequent second phase rally will stall with the S&P's near 1446, the Spiders near 144.30, and the Q's near 44.10.
Since the intial drop carried close to my original downside targets I think it likely that all three markets will drop a bit further than I originally projected. Now I expect to see the S&P's near 1428, the Spiders near 142.30, and the Q's near 43.20 before the next up move begins.