Thursday, May 31, 2007

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

Here are hourly charts of the June S&P futures and the QQQQ's. The chart for the Spiders is very similar to that of the futures if you divide the futures price by 10. I last commented on these markets here.

Contrary to my expectation the futures blew right through 1525 resistance after the release of the Fed minutes yesterday. I now think that they will reach the 1543 level (154.30 in the Spiders) and then drop to 1519 or so. After that another rally to new bull market highs should begin.
The outlook for the Q's is similar: a stall near 47.80 followed by a drop to 46.70 or so. Then a rally to 49-50.

1 comment:

Anonymous said...

Hi Carl, Tnx for your forcast blog. Any thouhts for what the 6/6 high could run to (range)?

tnx curt