September S&P Futures: Switching to the September contract today; it is trading about 10 points over June. Resistance today is at 1268. The S&P’s are on their way to 1241.
September Bonds: Bond are on the way to 108-12. Over the next few weeks the market should reach the 110-111 zone.
September 10 Year Notes: The notes are on the way to 106-08. Over the next few weeks I expect the market to rally into the 107-108 zone.
Euro-US Dollar: The market is on its way to 125.70. Resistance is at 128.10. This should be only the first stage of an extended drop.
Dollar-Yen: The yen is headed for 115.50. The market is in the early stage of a move to 130.
July Crude: Resistance today is at 70.60. The market should reach 66.50 soon.
August Gold: The market is headed downward to temporary support at 610. Resistance above the market is at 630. Downside target over the next few weeks remains the 2 and 1/8 multiple of the 252 low which stands around the 535 level.
July Silver: The market is on its way to 1070. Resistance above the market is at 1170. The 935 level should be reached in a couple of months.
Google: Google is suddenly showing strength in the face of a falling market. I am giving up on my 344 target and am looking for 410 as the next upside resistance. Support is at 369. I think Google will rally into the 450-500 range this summer.
1 comment:
Sir i had last commented on May 11th open i.e S&P around 1320.... saying that
" Sir, any possibility that a deeper correction can happen immediately, towards 1275 and DOW breaking 11K ........
followed by a strong rally to new highs and possibily S&P 1375-1400 TOP which can come by in JULY instead of June ?
Rhino
5/11/2006 08:39:34 AM "
Sir, now i feel most Asian Mkts. have bottomed out today and would that coincide with S&P going up towards 1300 rather than going down now towards 1231.
A move to 1300 if it happens then the next downward move to 1235 range(where Asian mkts. too can make double bottom) and start the rally towards 1400 ? Any opinion sir ?
Finally the potential blowoff rally which could happen shortly would be attributed to FED pausing rates on 29th ?
Rhino
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