Here are hourly charts of the June S&P futures, the Spiders, and the QQQQ's. I last commented on these markets here.
I have highlighted in red on each of these charts the last hour of trading. This was a wide range down bar and a downside breakout from a trading range which has developed over the past three days. As such it represents aggressive selling by longer time frame traders which has apparently overwhelmed the buying by short time frame traders I thought I saw yesterday and this morning.
These markets are now headed for their downside targets for this correction: 135 in the Spiders, 1360 in the S&P's, and 39.50 in the Q's.
1 comment:
Wow, that call was dead on the money... do you think the near term down turn target will be hit before options expiration on friday?
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