Spiders - June S&P Futures: The Spiders are going to rally back close to the high of their trading range at 141.42 before a move down to 135 begins. Support today is at 138.30. The corresponding levels for the futures are 1424 and 1360 and 1392.
QQQQ: The market is headed for resistance at 43.70. I have raised the target for the entire correction to 41.00.
TLT - June Bonds: TLT is headed up into the 94-95 range. The bonds should hold the112-08 level and then rally to 114-24. Over the next few months the bonds are headed for 120.
June 10 Year Notes: The notes made their low on January 26 and are now headed for 111. Short term support is at 108-08 and the next upside target is 109-18.
Euro-US Dollar: The Euro broke decisively above resistance early this morning so I think it is headed for 134.20, a new high for the move up from the 116.39 low. However, I think that the next 500 pips from current levels will be down, not up.
Dollar-Yen: My best guess now is that the entire drop from the 122.18 level will carry the market to 113. Meantime the 118.30 level is resistance. I expect to see the yen trade at 130 later this year.
OIH - USO - April Crude: OIH should soon drop to 129-130. USO should drop to 45. April crude is headed down to 54.50.
GLD - April Gold: I think that both GLD and April gold have begun an extended decline that will carry gold well below 600. Resistance in the futures is at 665.
May Silver: Silver has begun an extended drop that will carry the market below 1000. Resistance in the futures is at 1336.
Google: Support in Google is at 430. From there a move to 564 will begin.
1 comment:
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