Spiders - March S&P E-mini Futures: I thought the e-minis were about to breakout yesterday above the high of this 1340-1370 trading range but instead the market dropped back toward the low of the range and I was stopped out at 1346. At this juncture sustained weakness below the 1335 level would indicate that the market is headed down to 1290. In any case I think that the January 22 low at 1256 will hold and that a rally to the 1430 level will be the next significant development.
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 – April Crude: The market is headed for 101 or so. It has been trading in the 85-100 range for more than three months and I think the big move out of this range will be to the downside.
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 dropped near support at 500 and I think the next big move will be upward to 750 and higher.
4 comments:
Do you still think we'll go to new highs in 2-3 months since your original target of new highs in 3-4 months was made a month ago?
It's surprising that you are not buying at the support area of 1335. How come?
Typically some great long trades occur out of the first 5 week low after a 20 week low.
Since tomorrows Lunar Eclipse is now conjuncting Saturn (a negative vibration) and if this is the 5 week low (which can bottom early at 4 weeks) things could quickly reverse into what looks like a very positive early March which has a bullish Sun conjunct Uranus and Mercury conjunct Venus.
Large Nasdaq/Dow rally out of this 5 week low is not impossible.
Astro-cycles are looking constructive here.
today feb 21 is
89 trading days from oct 11 top
21 trading days from jan 22 low
13 trading days from feb 1 top
8 trading days from feb 8 low
5 trading days from feb 13 top
joe
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