September S&P Futures: The S&P’s appear to be stalling in the 1268-70 zone. I think the market will drop early today to 1255 or so and then finish the day strong. In any case yesterday’s low at 1245.75 should hold and the next big move should carry to new bull market highs.
September Bonds: Bond bounced off of 108-12 resistance yesterday and should now drop to 106-28. Over the next few weeks the market should reach the 110-111 zone.
September 10 Year Notes: The notes couldn’t make it all the way to 106-08 yesterday and now are headed for support near 105-10. 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: Support today is at 113.60 and the yen soon should reach the 115.50 level. The market is in the early stage of a move to 130.
July Crude: Resistance today is at 71.20. The market should reach 66.50 soon.
August Gold: The market has reached temporary support near 610 but I think the 624 level is resistance. The next step down should carry to 594. 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 1145. 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 now is at 380. I think Google will rally into the 450-500 range this summer.
1 comment:
Carl, if you think S+P is going higher this year, why don't you think gold and silver will make new highs also?
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