Spiders - March S&P E-mini Futures: Support today is at 1365. Weakness below there will mean that the market is headed down to 1300 or so in a test of the 1256 low of January 22. If 1365 holds the next step up should carry the e-minis into the 1420-30 zone. In any case I think the January 22 low is going to hold and that in three or four months the average will be above the 1600 level.
QQQ: I think the Q’s are headed for 47.50. Support is at 44.30.
TLT - March Bonds: Support is at 118-00 but weakness below there will mean that the market has started and extended drop. Meantime I think the bonds still have a shot at the 2003 top of 123-03. TLT has nearly reached its 98.50 target.
March 10 Year Notes: The notes should encounter strong resistance at 120. 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 – March Crude: Resistance stands at 95.00. 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 - April Gold: Switching to the April contract. I think gold futures are now headed for 1000. Support is at the 885 level in the April contract.
SLV - March Silver: I am raising my silver target to 1900-2000 to keep it in line with the gold target of 1000. Support still stands at 1500.
Google: Google broke 515 support yesterday so is now headed down to 450.