March S&P E-mini Futures: The ES didn't spend much time yesterday above its last top at 1077 and then broke to 1066 this morning. This kind of action is generally short term bearish. Because I think 1041 will hold I am going to give the market the benefit of the doubt and estimate today's day session range as 1065-1080. Weakness below 1065 will mean a drop to 1045 is likely. Remember that Monday is a bank holiday in the U.S. and there will be no pit trading that day.
QQQ: A rally to 50.00 has begun.
TYX (thirty year bond yield): I think this market is headed for 5.00%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.
Euro-US Dollar: This market is now headed for support near 131.00. Resistance above the market is at 141.00. Looking further ahead I think that a drop to 125 is likely over the coming months.
Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.
March Crude: I think the market is headed for 50.00.
GLD – April Gold: The longer term trend has turned downward. I expect gold to drop to 875 over the next few months. Resistance above the market is at 1120.
SLV - March Silver: I now think silver has started a down move that will carry it to 10.00 over the next few months. Resistance above the market is at 17.00.
Google: The next significant move should take GOOG above 700.