March S&P E-mini Futures: I thing the e-minis will break out over the 830 level today. If this happens on increasing volume we shall have a solid indication that the reaction from last week’s 876 high is over.
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: 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 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 – April Gold: The market nearly reached the 935 resistance level Friday. At this juncture a drop below 870 will mean that a move down into the 550-600 range is underway.
SLV - March Silver: Silver has rallied to resistance at 1250. I think the next big move will carry this market downward to 650.
Google: Resistance stands at 375. I think that its drop from 747 is over.
4 comments:
Carl, am I reading your comment on the S&P correctly? "If this happens on increasing volume we shall have a solid indication that the reaction from last week’s 876 high is over."
I would think a breakout on increasing volume to be bullish.
Thanks.
Bill
Please disregard earlier comment. Reading too many charts results in poor understanding of the written word.
Sorry.
Bill
not sure were you come up with this stuff from. You think going over 830 on increase volume means were are going higher. WHY???? Just means the stupid are buying just wait till we drop on even higher volume.
Dear 2:53 pm
Generally I do not publish moronic comments such as yours, but I think you are a good contrary indicator, so thanks for your help!!
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