March S&P E-mini Futures: The e-minis dropped as low as 852.75 early this morning. Weakness below 850 today would mean that the short term trend has turned down once more. But I think it more likely that the market will hold the 858 level and then rally to it’s January 28 high at 876. Whatever the short term direction I still think that this market is headed for 1000.
QQQ: The short term trend is upward 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: The 50.00 level is resistance and I think March crude will drop down into the 30-35 zone.
GLD – April Gold: The 935 level is resistance. 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 past resistance at 1250 so the next stop will be 1325. 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.
2 comments:
Hello do you follow emerging markets EEM
Yes I agree with you on all forecasts. Think the spx move maybe a tad under 1000 but there abouts.
Crude oil firm, nzd, zar, gbp firm, eur usd strong. Yen weakening - all signs that a collapse is unlikely.
Catherine
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