Spiders - March S&P E-mini Futures: Last Friday’s price action completed a well formed and very unusual “island” reversal in the e-minis using only regular hours trading data. I think this means that the 1446 low last week ended the drop from 1537 in the March contract. Support beneath the market is at 1480-45. I think the market has begun a move to 1600 and above. I plan to be a buyer near support in the 1480-85 zone but I’ll let you know when I put in my orders.
QQQQ: The Q’s are headed for 54.20 and eventually to the 60 level.
TLT - March Bonds: Resistance above the market is at 116-24. I think that a drop of 7-10 points is underway. TLT is headed for 87.
March 10 Year Notes: Resistance above the market is at 113-16. I think the notes have started a drop of about 5 points.
Euro-US Dollar: I think the euro is establishing a long-lasting top. I think this market is headed for 139.00 before a substantial rally can begin.
Dollar-Yen: I think the yen is headed upward in a multi-month move. Initial upside target is 117.00. Support is at 109.50.
XLE - OIH - USO – February Crude: The market is headed for 79.50. Resistance now stands at 96.50. USO should drop to 56, OIH to 140 and XLE to 60.
GLD - February Gold: I still think gold futures still have a shot at the 873 level but a drop below support at 780 will mean that an extended decline has started.
SLV - March Silver: I think is now is likely that the 1644 high in March silver will hold and that an extended decline has begun. Support is at 1350.
Google: GOOG is headed for 760.
3 comments:
Barrons headline last week was "Sell Buffett"
Berkshire (BRK.A and BRK.B) are now breaking very nicely above last weeks lows in a bull move which will take BRK to new all time highs.
Magazine Cover Indicator strikes again!
hi Carl. I would only like to ask you if you take Gann's methods of trading into consideration when you trade. I ask you this because you said that you trade on past events
Uh-Oh. I'm already seeing some Hurst Cycle practitoners predictions for higher highs in the IT using flawed static cycles interpretation. They're not consistent regardless of claims to the contrary.
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