Spiders - March S&P E-mini Futures: The market made down only to 1307, twelve points above my 1295 target. But the volume surge on the late rally makes it likely that the drop from 1390 is over. If I am right about this the market will hold support at 1319 today and then begin a move into the 1430-50 range. In any case I think that the January 22 low at 1256 will hold.
QQQ: The 42.00 level is support and from there the Q’s will rally to 47.50.
TLT - June Bonds: The market has rallied more than I expected but should halt at 119-12. The next move will take the June contract below 114. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 118-08 and I think that a drop below114 lies ahead.
Euro-US Dollar: The market has reached the 151.00 target. I think there will be a big break from this level and if I am right we soon should see prints below 149.00. If this doesn’t happen in the next couple of days then I will shift gears and start looking for a rally to 156.
Dollar-Yen: It now looks like the yen is headed for the 99.50 level.
XLE - OIH - USO – April Crude: The market is headed for 105-106.
GLD - April Gold: I think gold futures are headed for 1000. Support is at the 920 level in the April contract.
SLV - May Silver: I think that the market won’t move much above 2000 before it has a big break.
Google: I think the drop from the 747 high is nearly over. There is very strong support at 420 and my guess is that Google will make an important low near there and then begin a sustained up move. Meantime resistance is at 490.