Spiders - March S&P E-mini Futures: Resistance above the market is still at 1375 and any strength above that level would be very bullish indeed. However, it is still my best guess that sometime during the next week we shall see the e-minis drop about 100 points back down below the 1300 level. After that break I shall start looking for a move to new bull market highs. I think the market will take only 3 or 4 months to move back above the 1600 level.
QQQ: It looks like the Q’s will rally a little more, say to 46.50 or so before testing the low at 41.60.
TLT - March Bonds: The market will probably bounce of its 2003 top of 123-03. Support is still t 118-12. TLT has nearly reached its 98.50 target.
March 10 Year Notes: The notes continue strong after the Fed rate cut but the 120 level is resistance. Weakness below 115-08 will mean that the trend has turned downward.
Euro-US Dollar: I still think that the market is headed for 151 or so.
Dollar-Yen: I think the market is establishing an important low but another drop down into the 104-105 zone is likely before a sustained rally can begin.
XLE - OIH - USO – February Crude: I think that crude is headed for 75.00 and eventually much lower than that. During that time USO should drop to 56, OIH to 140 and XLE to 60.
GLD - February Gold: Gold made a new high this morning but I still think strong resistance is centered at 915 so another move down towards the last low at 850 is likely. The short term trend is still upward but any weakness below 850 will mean that an extended decline has begun.
SLV - March Silver: Support stands at 1500. The market is stalling in the 1660-80 zone and soon should start a big break.
Google: I think a move to new bull market highs will begin soon. The 515 level is support.