March S&P Futures: Support below the market today is at 1437 but I suspect the S&P’s will dip into the 1432-34 zone at least one time this week before the market can rally to 1455.
March Bonds: The bonds are headed down into the 109-110 range. Next short term support is at 111-24.
March 10 Year Notes: The notes are headed down into the 105-106 range. Next short term support is at 108-00.
Euro-US Dollar: I think that a move to 116 and lower has begun. Resistance above the market today is at 131.60.
Dollar-Yen: I think a move to 121 and ultimately to 130 has begun. Support stands at 117.40.
February Crude: Switching to the February contract today which trades about 60 cents over January. Resistance above the market is at 63.80. I expect crude to drop to 57.50.
February Gold: I think a big drop in gold is underway and will carry the market below 500. Short term support is 605.
March Silver: I think a big drop in silver is underway and will carry the market below 900. The 1245 level is short term support.
Google: Last January’s top at 475 is now support and I expect Google to soon resume its rally to 564.
2 comments:
hi Carl:
first of all, want to thank you for your educational post. i have a different opinion on gold than you. you are expecting gold to drop to $500 level. it loks like gold can actually make it to 700+ next year according to EW theory. can you take a deep look at it and explain why you believe gold is heading down? thanks
Shawn
Love your Forecasts, but with Google breaking support, will the 564 target need to be revised?
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