(Editors Note 1/22 This weeks forecast comments from 1/17 were accidently deleted on 1/22 - the following is a summary).
In the text for 1/17 to 1/22, we did call for a high in the stock market on the 18th but as the market was closed that high came on the 19th. We also suggested another restest of the trendlines we have been mentioning here for a while. And we said as long as the trendline holds we will stay long. Worryingly though, the DJ-30 broke its trend intraday on Friday and closed just above. We were still bulllish on the Dollar and bearish on Gold and Oil
The Nasdaq Composite Index
First support is at 2279, 2269, and 2190. Resistance is at 2350 and 24000.
Standard and Poors SP-500 index
First support is at 1129, 1110 and 1100. Resistance is at 1144, 1168, 1200 and 1228.
The Dow Jones Industrial Averages Index
Support is at 10540, 10415 and 10194. Resistance is at 10666, 10800 and 11037.
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The KBW Bank Index
Support is at 45.70 and 44.90 Resistance is at 48.00 and 49.20.
GOLD - via the GLD
GLD Support is at 110, and 107. Resistance is at 113, and 114.
OIL (light sweet crude)
Oil broke down and closed on support. We may see a bounce this week but expect it will fail if the dollar continues higher.
The US Dollar (Dollar Index ) The U.S. Dollar bounced strongly on Friday but closed at resistance. If the dollar continues higher look for gold oil and the market to move down. Support at 76.30. We are bullish on the dollar long term. First target price is in the 79.50 area.
(Editors Note 1/22 This weeks forecast comments from 1/17 were accidently deleted on 1/22 - the following is a summary).
