Thursday, January 18, 2007

Guesstimates on January 18, 8:50 am ET

Spiders - March S&P Futures: Support today again stands at 1435 in the S&P futures and at 142.70 in the Spiders. I am expecting an advance in the futures to 1455 and in the Spiders to 144.40 over the next couple of weeks.

QQQQ: Support is at 44.50 and the next upside target is 47.20.

TLT - March Bonds
: TLT is headed down into the 86-87 range. The bonds are getting close to short term support near 110-04. Resistance today is at 110-28. The market is headed into the 109-110 zone.

March 10 Year Notes: The market is getting close to short term support at 106-20. Resistance today is at 107-08. The notes are headed for the 105-106 range.

Euro-US Dollar: I think that a move to 116 and lower is underway. Short term support is at 128.50 and resistance above the market is at 130.00.

Dollar-Yen: The market is headed for temporary resistance at 121.70. Support is at 119.00. I expect to see the yen trade at 130 in 2007.

OIH - USO - February Crude
: OIH rallied to 131 yesterday and it looks like there is a little more to go on the upside, say the 133-135 range. Support in USO stands at 43.50 and I think the market will rally to 47.50 before the bear market resumes. Support in crude is at 51.00 and a rally into the 56.00 to 57.00 range is imminent. Much lower prices are likely in the months ahead.

GLD - February Gold: GLD is headed downward to 56.00. Gold moved above short term resistance at 630 yesterday but I think it will soon drop below 600 and then continue lower.

March Silver: Resistance above the market is now at 1305. I think a big drop in silver is underway and will carry the market below 900.

Google: A move up to 564 is underway. Support is at 490.


Anonymous said...

Support in the Q's is not holding - does this change your analysis?

Anonymous said...

QQQQ at 44.28. Red alert?

Anonymous said...

Also, USO has broken support - does this change your views?