Tuesday, February 20, 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.

This morning's opening hour of trading saw a lot of aggressive selling but as you can see there has as yet been no follow-through selling. I am willing to bet that the buyers this morning were also predominantly longer time frame buyers. If I am right about this then the S&P's have begun a rally to 1470, the Spiders to 146.80, and the Q's to 45.60.

I still believe that over the next few months we shall see the S&P's trade over the 1500 level, the Spiders over 150 and the Q's near 48.

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