Tuesday, May 01, 2007

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

Here are hourly charts of the June S&P futures, the Spiders, and the QQQQ's.
All three markets went below the support I cited in this morning's guesstimate. Nonetheless, I think the reaction is over and that the S&P's are headed for 1517, the Spiders for 151.20, and the Q's for 47.30.
If I am wrong and this reaction has further to go then I would expect the S&P's to drop to 1474, the Spiders to 146.80 and the Q's to 45.40 before the move to the next upside target begins.


Anonymous said...

Glad you are back..on previous post you said CME down to 495 then up to 630...in what time frame? Hours, days?? Did today's low of 505 meet your low possibly? Are we off to the races now? Thanks, Tom

Anonymous said...

not sure why if gold and silver were expected to have such big declines why would we think cme would bottom any time soon?