Thursday, February 22, 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.
I think the reaction which began from this morning's high points is either over or nearly so. The S&P's have dropped to within a point of 1452 support. The Spiders didn't get too close to support at 145.00 but I think a better estimate for their support now is 145.10. The Q's have support at 44.90 but this market is acting stronger than the S&P 500 and I suspect that support level will not be reached.
Next upside target is 1470 in the futures, 147.00 in the Spiders, and 46.40 in the Q's.