March S&P E-mini Futures: Last night the market moved above the high of its 797-850 trading range. It is now trading at 861. I expect the electronic session high at 865 on January 19 to provide a reason for the market to react. But I think support in the 845-850 range will hold. Initial upside target is 900.
QQQ: Support below the market is at 26.50. Strength above 30.00 will mean that the Q’s are headed for 34.00.
March Bonds: This market will probably continue lower to 126-127.
March 10 Year Notes: The short term trend should carry the notes to 120. .
Euro-US Dollar: The euro has traded sideways for several days after dropping as low as 127.50. I think a rally to 137 or so is underway.
Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.
March Crude: The 50.00 level is resistance and I think March crude will drop down into the 30-35 zone.
GLD - February Gold: The market will probably reach 935 before it turns lower. I still think that we shall see the market 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 now at 1250. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
2 comments:
it is interesting if market is going to spike to 900, i am long treasuries already, and my plan is to short s&p from 880 to 600
Carl,
You may want to take another look at your bonds. Nice ABC down (Wave 4) and they could be headed up in a Wave 5?
Keep in mind the Fed has not even started buying yet.
K
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