Wednesday, January 24, 2007

Guesstimates on January 24, 8:50 am ET

Spiders - March S&P Futures: The Spiders are headed for 144.40 and support today is at 142.40. The S&P futures are headed for 1455 and support stands at 1431

QQQQ: The Q’s are headed for 47-48..

TLT - March Bonds: TLT is headed down into the 86-87 range. The bonds have resistance today at 111-12. Next downside target is 109-04.

March 10 Year Notes
: Resistance today is at 107-16. Next downside target is 106-08. The notes are headed for the 105-106 range.

Euro-US Dollar: The Euro has resistance at 130.70 and should soon 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 nearly reached resistance at 137 and should soon head down to 126 again. I think USO will rally to 47.00 before the bear market resumes. Crude should rally into the 56.00 to 57.00 range. Much lower prices are likely in the months ahead.

GLD - February Gold: GLD has reached strong resistance in the 64.00 - 65.00 zone and soon will start an extended drop. Gold has moved relentlessly higher, contrary to my expectation, but has reached its last top at 648. I think it will take a peek above that level but then start an extended drop to 600 and then continue lower.

March Silver: Resistance above the market is at 1330. 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.

1 comment:

Mike Roznowski said...


My speculation, we head back down to test 1436.00 area on ESH7 into the close and gap up over all the buy stops that have been placed at the highs tomorrow morning between 1440.00 and 1445.00, should be very interesting.