Spiders - March S&P Futures: The S&P Spiders are headed for 144.40. Support today is at 142.00. The March futures are headed for 1455. Support today should be at 1431.
QQQQ: The market is headed for 44.70. Support today is at 43.20.
March Bonds: The bonds should find temporary support in the 111-16 to 111-20 range. The market is headed down to 109-110 over the next few weeks.
March 10 Year Notes: The notes should find temporary support near 107-28. The market is headed down into the 105-106 range over the next few weeks.
Euro-US Dollar: I think that a move to 116 and lower has begun. Resistance above the market is at 132.
Dollar-Yen: The market is headed for temporary resistance at 122.00. Support today is at 118.50. I expect to see the yen trade at 130 in 2007.
USO - February Crude: USO is headed for 50.40. Resistance above the market is at 51.80. Resistance in crude oil is at 63.80. I expect crude to drop to 57.50.
GLD - February Gold: Resistance in GLD is at 62.50 and the market is headed down to 60.00. I think a big drop in gold is underway and will carry the market below 500. Short term support is 605 while resistance above the market is at 633.
March Silver: I think a big drop in silver is underway and will carry the market below 900. The 1195 level is now short term support and resistance above the market is at 1295.
Google: A move up to 564 is underway.
2 comments:
why do you believe that the EUR/USD will go to 1.1600? i trade only currencies and would like to know how you came to that target. thank you in advance and good luck trading.
thanks,
magnus
In my thinking GOOG is forming a head and shoulder top formation. It undercut the lows of the left shoulder on December 18. A move up from here will create a right shoulder with the prior undercut. A bearish pattern is forming and a move to 564 seems unikely to me.
....Mike
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