March S&P E-mini Futures: Today's range estimate is 1074-1094. The electronic low early this morning was 1070.50. There is still a 50-50 chance that the market will hit 1060 before a sustained rally starts, but I am expecting the correction to end today or Monday. I also expect to see the ES trade up above 1200 during the next couple of months.
QQQ: This corrective phase should be followed by a rally to 50.00.
TYX (thirty year bond yield): I think this market is headed for 5.00%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.
Euro-US Dollar: Resistance above the market is at 144.00. Support is at 137.50. Looking further ahead I think that a drop to 125 is likely over the coming months.
Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.
March Crude: I think the market is headed for 50.00.
GLD – April Gold: The longer term trend has turned downward. I expect gold to drop to 875 over the next few months. Resistance above the market is at 1170. Any strength above that level would mean that the market is instead headed for 1250.
SLV - March Silver: I now think silver has started a down move that will carry it to 10.00 over the next few months. Resistance above the market is at 19.40.
Google: Support is at 545. The next significant move should take GOOG above 700.