![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj_YEEgkJhXv8b0ASSEobKHyxrg32EMkteV8yb3_J7Q9Ul7ykpPzPkzBZfiEepu2216XG3ix2fGJM_HCawsHcXGYGoCevVzuUv4C3pM4Y2AXqMTqvKHJz1CHWbSvJbA1gflEe8IdQ/s400/062707+qqqq.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiLwgClu4Fl2PFLKt_0AVkBJ8xc5XUd-Pkju-L5sUk4ifcqPii2gdYYjTjGZaebvlmfgnr55yETZbNx4hNQhuZj_Ipvi85L3-_arm7gw4OQ9_ilYy8WbHSAJ14iheGGzzNuYaZs2w/s400/062707+spiders.jpg)
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGgjwLlGsVefcI63121_EY0HhP4P23uFZzVF_yOctg_kbiw4nE4QwkQ-8UBFlz3EjlY58KVg1OwYCYMaw4nfgHnklb5Q2eVVtegmc7naWtldoSbGHlSteonLNOsjU1A2eCEuLnuQ/s400/062707+sp.jpg)
Before floor trading opened this morning the S&P's traded as low as 1492, not quite reaching the 1490 target I had in mind. Since I am basically bullish on stocks here I am willing to bet that this morning's low marked the end of the drop from the June 1 high, but even if I am wrong I doubt that the S&P's will drop more than a couple of points below 1490.
At this juncture a move above 1520 would be very bullish because it would represent a rally above the high of the last reaction before the low.
The corresponding levels for the Spiders and the Q's are marked on the charts above.
In any case I think we are about to witness the start of a multi-week rally which will carry these markets to new bull market highs.
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