Wednesday, May 30, 2007

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

Here are hourly charts of the June S&P futures and the QQQQ's. The Spider chart looks nearly identical to the S&P chart if one divides the price level of the S&P's by 10. I last commented on these markets here.
I have been expecting a three phase drop from 1535 in the S&P's down to the 1500 level. It looks to me like the second, upward, phase of the correction has just been completed. So I now think the S&P's are about to drop to 1500 or so and the Spiders to 150.00.
The Q's should be headed downward also and I have lowered my downside target slightly from 45.70 to 45.50.


Robert said...


What is the significance of the futures hitting 1533 near the close (which was just below the prior high)?

Does this potentially negate the next wave down if the intervening wave is of a similar magnitude to the initial wave of the correction?

Anonymous said...

POINT 15 16 17 ????
LEAVING US WITH 18 19 20 ???
21 22 23 ????

Gary said...

Might I suggest you stop trying to predict the market. It can't be done. The future is not ours to see.

Anonymous said...

When do you think the market will actually drop? I have a market timing top tomorrow around 10AM EST. But somehow I think the market just wants to move up. I think Bradley model has an important day on 6/14/07. Maybe then we'll see QQQQ going to $45?