Spiders - March S&P E-mini Futures: The market is approaching the 945 short term target. Support is at 900. I still think that that the 1000 level will be reached this month.
QQQ: The Q’s are headed for 34.
TLT - 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.
XLE - OIH - USO – February Crude: Resistance above the market stands at 47.50. Crude will probably reach the 32-34 zone before a rally of $20 or more can begin.
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.
3 comments:
Carl,
I think that a ST top is imminent.
I have posted on intermediate term price momentum vs. Adv/Dec Volume
and the A/D Vol is not as strong as price momentum as seen during the start of the 2003 bull markwt.
Carl, I am selling some 950 Jan calls today and I sold my long ES on friday @ 930....
I think as well that ST we will correct.
cheers
Susn
....but if we close above 930 today or within the next couple of days then forget my opinion of a ST top because the S.T. Accelerator continues to rise high enough to boost the odds of an increase in upside momentum. The C-RSIs have technically reached a Neutral condition. If we get 2 days of a positive C-RSI reading, with the second day being higher, then the "Bear Market Up Condition" will move to a stage 2 Bear Market Rally where historically the move went on for 30 days or longer.
cheers
Susn
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