Friday, October 19, 2007
S&P's, Spiders, and QQQQ's
Here are daily charts of the December S&P e-mini futures and of the QQQQ's. I last commented on these markets here and here.
The futures hit the 1533 level this morning and as I have said in the daily guesstimates I think this means the market is headed for the 1512 level which is support as I have indicated on the daily chart. From there I think we shall see the start of a rally to 1610. Support in the Spiders should be found at 150.20.
The Q's have been acting stronger than the S&P's so I think they will remain within the recent trading range which has its low near 52.10. The next step up in the Q's should carry them to 56.00.