Spiders - March S&P E-mini Futures: The e-minis are getting close to the 865-875 downside target zone. Strength above 900 will mean that a rally to 975 has begun. I still think that that the 1000 level will be reached this month.
QQQ: The Q’s are headed for 34. The 29.50 level is support.
March Bonds: The short term trend has turned downward and should carry the bonds to 130.
March 10 Year Notes: The short term trend has turned downward and should carry the notes to 120. .
Euro-US Dollar: The euro broke below support and will probably drop to 132 before a substantial rally can start.
Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.
February Crude: Crude dropped below 40.00 support and should reach the 30-35 target zone before rallying to the 50.00 level.
GLD - February Gold: The 885 level should prove to be resistance and the market should soon resume its move down into the 550-600 range.
SLV - March Silver: I still think this is a bear market. Resistance above the market is at 1165. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
1 comment:
Carl & others, i want to warn you guys, that i have been checking the charts on the weekend and i have found a lot of evidence that the DOW is going to 6500 this february and posibly lower in march. (the vix just started uptrend after testing its long time EMA successfuly), the EW count is also bearish. i consider a last chance to go up a little bit somewhere next week and from that to plunge hard. correction of 38.2% was good enough for a depression i think. good luck to all
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