Spiders - March S&P E-mini Futures: It is beginning to look like the e-minis are going to hold last weeks low at 1312 and begin the second leg upward which should carry the market to 1430 or so. Strength above the 1350 level would confirm this suspicion. In any case I think the January 22 low is going to hold and that in three or four months the average will be above the 1600 level.
QQQ: It’s starting to look like the Q’s are putting in a higher low. Strength above 44.50 would confirm this and mean that a move up to 47.50 is underway.
TLT - March Bonds: The bonds are headed down to 112 or so. Today resistance is at 119-12. I think TLT will drop to 88.
March 10 Year Notes: The notes are still holding support but a break below 115-20 will mean that a drop to 112 is underway.
Euro-US Dollar: I still think that the market is headed for 151 or so.
Dollar-Yen: I think the market is establishing an important low but another drop down into the 104-105 zone is likely before a sustained rally can begin.
XLE - OIH - USO – March Crude: It looks like March crude will soon drop below the 85.00 level and then the next support level is the short term target at 75.00. Resistance still stands at 95.00 but I no longer think it will be reached anytime soon. USO should drop to 56, OIH to 140 and XLE to 60 over the coming months.
GLD - April Gold: I think gold futures are now headed for 1000. Support is at the 885 level in the April contract. Any weakness below 880 will mean that a drop to at least 750 has begun.
SLV - March Silver: I am raising my silver target to 1900-2000 to keep it in line with the gold target of 1000. Support still stands at 1500.
Google: Any strength above 525 will mean that Google is has begun another bull market advance. I still think that GOOG will traded above the 750 level during the next few months.
1 comment:
TODAY the dow rallied in 5 waes up off the low , an interesting timing ratio took place also today
the main swings were with in .618 time retracements which in my opinion are rare my personal take is the .618 time retracement has been the worst timing fib to use .
how ever if something is changing then we should begin to follow it .
if this is going to continue then the dow will be at 12159 plus minus a few points at 11:50 am est
tuesday ( with in 5 minutes of )
this will be labeled wave 2 or wave ( b ) which should be part of
point 19 back to the upside .
the next cycle high is due feb 19th - 21st . the key will be 2 fold
the dow ideally will hit 13116 - 13136 ( maybe a little higher ) into feb 19 21 . this entire rally if it holds true would be the 1st
3 wave reaction of a larger 3 wave reation back up above the break down from the 13700 area .
same thing would be from spx cash index from the 1520 area .
the break down from the july top
was nothing more then a 5 wave reversal pattern and its apex on the oex is 677 ,spx 1442 would be ideal into feb 19 21 .
sum it up
DOW 12160 AT 11:50 EST IMPORTANT
FOR TUESDAY
SPX TO 1442 BY FEB 19 21ST
BUY INTO THE 1ST 3 HOURS TUESDAY
AND LOOK FOR A REVERAL FROM 1150 EST ( IT SHOULD BE A BOTTOM)
chart posted here for those interested if your interested carl .
joe
http://www.tradersaffiliates.com/WEEKLY%20UPDATE.htm
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