March S&P E-mini Futures: The market is back near the high of its recent 665-695 trading range. This makes is likely that sellers will come into the market early. If they do then I would expect a low for the day near 665. Any move above 700 on good volume would be very bullish.
QQQ: The 26.00 level is now support and from there I think the Q’s will start a move to 35.00.
June Bonds: I think the long term trend in the bond market is now definitely downward. Next downside target is 117.
June 10 Year Notes: I think a bear market in the notes is underway. Next downside target is 118.
Euro-US Dollar: The euro is headed down to 122.50.
Dollar-Yen: The yen has nearly reached the 100.00 level. There is as yet no indication that the move up from 87.00 is over, so I now estimate that the yen will reach 104.00 before a substantial reaction begins.
April Crude: The 30-35 zone is long term support. The 50.00 level is resistance. I think the market has started to stabilize.
GLD – April Gold: Gold still shows support in the 900-10 zone. Weakness below 900 would mean that the market is headed back below 700.
SLV - May Silver: I now think silver is headed for 1750. Support is at 1240.
Google: I think that its drop from 747 is over.
2 comments:
agree with you Carl , market's now ready for a more robust rally than those shiny attempts before year end (2008). Let's shake the bears a little bit. :-) Gd trading ! MC
SPX 700, great place to get out of my existing long. Now i'll wait to see whether we blow by 700 or fall back to 685.
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