March S&P E-mini Futures: The buying support evident yesterday evaporated in early morning trading today and the e-minis have so far dropped as low as 853. I now think that the 850 level will be broken decisively with the next rally developing from the 835 level. If we see sellers get active below 850 – and I think we shall – the market will be headed at least for 815 and probably for 750. Meantime resistance above the market today stands at 863.
QQQ: The Q’s reached support at 29.50 yesterday but now I think that level will now hold and that the market will drop to 26.50.
March Bonds: The short term trend has turned downward and should carry the bonds to 130.
March 10 Year Notes: The short term trend has turned downward and should carry the notes to 120. .
Euro-US Dollar: The euro broke below support and will probably drop to 132 before a substantial rally can start.
Dollar-Yen: I think the 87.50 level will hold and that a rally to 100.00 is underway.
February Crude: Crude should reach the 30-35 target zone before rallying to the 50.00 level.
GLD - February Gold: The 885 level is still resistance and the market should resume its move down into the 550-600 range.
SLV - March Silver: I still think this is a bear market. Resistance above the market is at 1165. Next downside target is 650.
Google: Google has reached the 250-60 target zone which should be the end of its drop from 747.
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