Monday, April 16, 2007

S&P's, Spiders, and QQQQ's

Here are hourly charts of the June S&P futures, the Spiders, and the QQQQ's. I last commented on these markets here.
This morning the Spiders reached a new high for the bull market which began from the 2002 low. The futures are not far behind, so far having fallen shy of a new bull market high by 0.50 points.
The futures and the Spiders have each reached what I think will be short term resistance. A reaction in the futures down to 1462 and in the Spiders down to 145.30 would be normal at this juncture.
The Q's have yet to reach 45.70 resistance but I think they will hold support at 44.40 on any reaction from current levels.

I still think this bull market has further to go. The futures should trade around 1520, the Spiders around 152 and the Q's near 50 before any substantial drop begins.

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