Spiders - March S&P E-mini Futures: Support today is at 1365. Weakness below there will mean that the market is headed down to 1300 or so in a test of the 1256 low of January 22. If 1365 holds the next step up should carry the e-minis into the 1420-30 zone. 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: I think the Q’s are headed for 47.50. Support is at 44.30.
TLT - March Bonds: Support is at 118-00 but weakness below there will mean that the market has started and extended drop. Meantime I think the bonds still have a shot at the 2003 top of 123-03. TLT has nearly reached its 98.50 target.
March 10 Year Notes: The notes should encounter strong resistance at 120. Weakness below 115-08 will mean that the trend has turned downward.
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: Resistance stands at 95.00. I think that crude is headed for 75.00 and eventually much lower than that. During that time USO should drop to 56, OIH to 140 and XLE to 60.
GLD - April Gold: Switching to the April contract. I think gold futures are now headed for 1000. Support is at the 885 level in the April contract.
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 broke 515 support yesterday so is now headed down to 450.
2 comments:
GOOG HAS A 21 WEEK CYCLE LOW DUE IN THE END OF MARCH ( WEEK OF MARCH 28 )
DOW HAS ITS LOWER TARGET IN THE RANGE OF 11447 TO 11373 LOOKS TO ME LIKE THIS IS A CLOSE ONLY CHART 5 WAVES DOW WAVE 3 DOWN WAS WEAK FOR A 3RD WAVE WHICH IMPLIES WAVE 5 WOULD BE WEAKER STILL SO MAYBE THE LOWS HOLD YET STILL THINKING A BOUNCE IN THE COMING DAYS THEN NEW
LOWS ON A CLOSING BASIS INTO EARLY MARCH , FROM THERE AN UPTREND INTO AUGEST .
SPX NOT TO 1600 IN 2 1/2 TO 3 1/2 MONTHS .
ALL FOR NOW JOE
SUM IT UP BOTTOMING SHORT TERM NOW A BOUNCE INTO FEB 19TH 21 ST
THEN DOW , THE DROP SHOULD BE A 3 WAVE DECLINE WITH THIS RECENT DECLINE FROM FRIDAYS HIGH AS THE 1ST LEG
GOOD WORK CARL
carl
are you familiar with martin armstrong 8.6 year cycle he is from princeton and is in jail
if i have read the chart correct it called for a top feb 27 2007
think bank stocks for a minute
and its next turn is march 22 2008
for a low ane the next cycle is in april 2009 for a high . there is also some other work not related to my own that calls for a low in the next couple days a bounce into feb 19 21 as mentioned before and then a decline into the 14th of march ;. my own work says marcdh 6th 7th .the main thing im getting at is there are several different thoeries that have some good track records that are calling for a low in the next month . and i sure many people who manage money know armstrongs work and will gladly hold back untill then to add . going to be interesting next few weeks . joe
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