March S&P Futures: The S&P’s rallied into the 1443-45 resistance zone on the CPI news about 15 minutes ago. There is still no sign of even a 10 point break yet. Support below the market is at 1437 while the next resistance above the market is at 1455.
March Bonds: The bonds rallied on the CPI news right up to resistance at 113-18. I think the market will stall here and head lower.
March 10 Year Notes: The notes rallied on the CPI news but resistance is at 108-30. The market should stall there and then head lower.
Euro-US Dollar: I think that a move to 116 and lower has begun. Resistance above the market is at 132.00.
Dollar-Yen: I think a move to 121 and ultimately to 130 has begun. Support stands at 117.40.
January Crude: Resistance above the market is at 63.25. I expect crude to drop to 57.50.
February Gold: Gold should rally to 662. Any weakness below 620 would cancel this prognosis and mean that an extended drop has begun.
March Silver: I think silver is headed for 1450-1460. After that I shall be expecting a drop below 940.
Google: Last January’s top at 475 is now support and I expect Google to resume its rally to 564.
1 comment:
Mike,
What were the reasons you used that particular time period in order to compare to the current time period?
Thanks
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