March S&P Futures: I think the market is now headed for 1320 and if so the 1263 level should be support today. The market should reach the 1350 level in a couple of months.
March Bonds: Resistance is at 113-08 and the next downside target is at 111-16. I think the market is on its way into the 107-108 zone.
March 10 Year Notes: Resistance is still at 108-18 while the next support level beneath the market is at 107-10. I think notes will reach 104 or so in a few months.
Cash Eurocurrency: The next downside target is117.90. A drop to 113 and below is underway.
March Crude: Next downside target is at 59.70. Crude is headed for 55.00.
April Gold: I think a drop of $100 has begun. Resistance today is 561. First minor support on the way down is at 526.
March Silver: I think a drop of $2.00 has started. Resistance today is at 952. Next short term support is at 895.
Google: The Barron’s cover story on GOOG which came out yesterday will provide us with a good test of the market. I still don’t think this bull market is over and I think we’ll see GOOG hold support at 348, the 3 5/8 multiple of the lowest trade price, 95.96. Once GOOG leaps over resistance at 405 it will be headed for the next upside target at 495.
1 comment:
I really enjoy the commentary. Your conviction on a bullish move is well founded. I have stayed short since Jan 27th, but see a nice move higher starting around Thursday. Once again... Thanks for the fine work.
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