Monday, January 29, 2007

Guesstimates on January 29, 8:50 am ET

Spiders - March S&P Futures: I expect the Spiders to hold support near 141.60 and then to resume their rally to 145.00. The futures should hold support near 1421 and then move up to 1455.

QQQQ: The Q’s should hold support near 43.20 and then resume the move up to 47-48.

TLT - March Bonds: TLT should find support near 86.50. I expect the market to start a trading range in this vicinity which should be followed a rally to 94-95. The bonds have nearly reached support near 109-04. A rally to 110-00 or so is likely and should be followed by a move to 108-28. I think a basing process has begun that will be followed by a move above the 115 level.

March 10 Year Notes
: The notes have reached their downside target at 106-08. A rally to 106-24 is likely. After that the notes will probably drop to 105-28. I think the market has begun a basing process. After it is complete I expect a move to above the 110 level.

Euro-US Dollar: The Euro is about to break downward from its recent trading range. Next support is at 126.90.

Dollar-Yen: The yen is now headed for 122.50. Support is at 119.80. I expect to see the yen trade at 130 in 2007.

OIH - USO - March Crude: I think OIH will drop to 128 or so and then rally back to 137. USO still has resistance at 47.00 and from there will drop back to 43.00. I think crude will drop close to 52.00 and then rally to 57.50.

GLD - February Gold: GLD has so far stalled in the 64.00 - 65.00 zone and a close below 64.00 would have very bearish implications. Gold has not closed above 649 so I think it is still a good bet that the market will drop from here.

March Silver: Silver is close to support at 1323. A close below there would be very bearish. Meantime I have to believe that silver will rally at least to1365.

Google: A move up to 564 is underway. Support is at 485.


Anonymous said...

carlfutia.blogspot wrote: "As the high of a wide range, down bar this is normally pretty strong resistance for any rally. If I am reading this market correctly then the market will rally above this resistance level on Monday."

well done carl. sp500 is very close to breaking out. so far on par very nice call last friday

Anonymous said...

the angry bear that posted last friday ranting about "deluded bulls and CNBC" was a classic psychological indicator of further rally.

usually whenever bears get angry, the market is about to rally