Thursday, June 14, 2007

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

Here are hourly charts of the September S&P e-minis, the Spiders, and the QQQQ's. I last commented on these markets here.
As you can see all three markets have rallied past the levels at which I thought they would stop. However, I don't yet think that this resistance level has been decisively violated. Therefore I am sticking with my current view that these markets are about to begin the final leg down of the drop from the June 1 top. A close today that is visibly above the today's current high that you see on the charts would force me to abandon my bearish very short term view.
No matter what happens I still think all these markets will be making new highs for the bull market in July.

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