Spiders - March S&P E-mini Futures: The e-minis are climbing out of their 1340-63 trading range and the next upside target is 1390. Support has come up to 1350. A move to 1430 is underway. The January 22 low is going to hold and that in three or four months the average will be above the 1600 level.
QQQ: The Q’s are headed for 47.50.
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: The market has broken out of its 3 week trading range to the upside and is headed for the 110 level. I now think it has established an important low and is headed much higher.
XLE - OIH - USO – March Crude: The market has rallied close to 95.00 resistance but I think it will soon turn and drop below 85.00. The next support level is 75.00. 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: Google has moved decisively above 525 and is in the early stages of a move which will carry it to 750 and higher.
1 comment:
today the dow fell into a fibonacii
timeline into te close , there is another timeline which is an hourly timeline that hits at 1330 est . the dow needs to hold above 12295 or id have to allow for a new daily closing low , this implies another leg to the downside . a move up to a new high
above 12573 into the 12614-12680 range would make the case that
the bottom has most likely been seen . the early march cycle low
is the most important cycle low of the year , weather this is a new print low or just a daily closing low does not matter . so march 6th
is important . yesterdays high was
with in 1 day of the 1966 swing
which if this still holds true
calls for this to be the last reaction to the downside .
the bullish case is not out of the woods yet . the next couple days
are important
no new highs in the next 3 months
and this is not 1998 ,
sorry carl but i have to say
my cycles have been right on through out this move from june as well as july 2007 .
from early march to august we should see a 3 wave reaction higher back up near the highs
and a further extension into april 2009 is possible yet the main trend from early march to august
should be up .
good luck
joe
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