Spiders - March S&P E-mini Futures: Moving to the March ’09 contract today. Any high volume break below 880 will mean that the market is headed down to 820 again. In any event I still think the futures are headed for the 1000 level over the next month or two.
QQQ: The Q’s are headed for 34.
TLT - March Bonds: The market has reached resistance at 135 and should now begin a sustained downtrend.
March 10 Year Notes: The notes didn’t make it to 128 but I think this market has begun a sustained downtrend.
Euro-US Dollar: The euro has resistance at 135 and will probably be trading in the 122-135 range for a while.
Dollar-Yen: The yen will move into the 101-102 range before starting another decline.
XLE - OIH - USO – January Crude: The 40.00 target has nearly been reached and the next development should be a rally into the 55-60 zone.
GLD - February Gold: Gold broke past resistance at 810 but should hold below 850 and then resume its move down into the 550-600 range.
SLV - March Silver: Resistance above the market stands at 1085. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.