March S&P E-mini Futures: I think the e-minis are headed for 805 and possibly lower. Resistance today again stands near the 834 level.
QQQ: Support is at 29.00 and the next upside target is 32.50.
March Bonds: The bonds have dropped into the 126-27 target zone. The next big move in this market should be upward. Any significant weakness below 125 will mean that a bear market is underway.
March 10 Year Notes: The notes have yet to reach our 120 target. We think a substantial rally is imminent, but weakness below 120 would mean that a bear market is underway.
Euro-US Dollar: The euro has traded sideways 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: March crude has entered the 30-35 target zone. I think the market will start stabilizing. The next big move should be a rally to 50.
GLD – April Gold: Gold closed over the 935 resistance level yesterday. I think the market will quickly trade back below it, but if it doesn’t I’ll be looking for new highs in the gold market.
SLV - March Silver: There is resistance at 1380, but if the market closes above there it will be headed for 1750.
Google: Resistance stands at 375. I think that its drop from 747 is over.
4 comments:
I am long. I think Europe put the bottom and the trend is weak on the downside. It is just a matter of time when the rally will start
Carl I agree with a bottom around the 775 to 795 area
but I am selling now Feb ES 760 puts the premium is just too enticing with 6 TD left.
cheers
SUSN
Dear Carl,
Today will be a big day after the sideways yesterday today we will have a down rally until the 800 and then the figures will do the rest,up or down
Regards
R.J.
Susn,
I too am contemplating selling Feb Puts (covered by my longer term Puts), but am thinking about waiting until 805 or so before I do so. I think this drop may take us to retest the November lows, but have confidence in my MMs. The good people will bring us up slightly for Opex, never fear.
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