Monday, January 22, 2007

Guesstimates on January 22, 8:50 am ET

Spiders - March S&P Futures: Support today stands at 1431 in the S&P futures and at 142.40 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 44.10 and the next upside target is 47.20.

TLT - March Bonds: TLT is headed down into the 86-87 range. The bonds have resistance today at 111-12. The market is headed into the 109-110 zone.

March 10 Year Notes: Resistance today is at 107-16. 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 yen has reached temporary resistance at 121.70. Support is at 119.50. I expect to see the yen trade at 130 in 2007.

OIH - USO - March Crude: OIH should soon rally into the 133-135 range. I think USO will rally to 47.50 before the bear market resumes. Support in crude is at 51.50 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 should hold resistance at 641 and soon drop below 600 and then continue lower.

March Silver: Resistance above the market is 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 486.


Anonymous said...

Carl, many thanks for your daily comments. I find your blog to be invaluable.

Would you please comment on Google's direction since it just broke 486 support. Thanks. Larry

Anonymous said...

Carl, could you please post a daily & a weekly chart illustrating your "TLT is headed down into the 86-87 range."

Thank you