Friday, June 01, 2007

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

Here are hourly charts of the June S&P futures and the QQQQ's. The Spiders look the same as the S&P's if you divide the futures price by 10. I last commented on these markets here.
The S&P's and the Q's have reached resistance and I think another reaction is about to start. It should only last a few days. The S&P's will probably drop to 1519, the Spiders to 152.00. The Q's should find support near 46.70.
After this reaction is complete both averages should rally to new bull market highs.


Unknown said...

Hello Tony:

thanks for taking your time on this blog to write your opinion.

A quick question regarding the article you posted yesterday. you mentioned that you expect a near term top in the market. did you mean a short term top in the market, before we make another bull market high? or do you mean we go much higher from here and then we have 10% correction or so? would like your thoughts.

Also, is there any target you would have on the downside of where you believe the market can go on QQQQ and SPY? thanks
have a good weekend.



You have adjusted your drop quite a bit on the Q's ???