Tuesday, January 23, 2007

Guesstimates on January 23, 8:50 am ET

Spiders - March S&P Futures: The S&P futures are headed for 1408 and resistance above the market is at 1435. The Spiders are headed for 140.00 and resistance today is at 142.80.

QQQQ: The Q’s are headed for 42.20 with resistance today at 44.30.

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: The Euro broke above 130.00 resistance this morning but is likely to stop near 130.70 and then resume its decline to under 116.

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 has rallied as high as 134 and still looks like it will get to 137 before resuming its decline. 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 underway. 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 1325. 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 465-68.


Anonymous said...

Mr. Futia:

I think I'm getting a handle on the box theory...it's amazing how well it works to find support and resistance levels.

Could you publish more articles on this topic?



Anonymous said...

Any new thoughts on Gold and Silver now that they're above resistance?