Spiders - June S&P Futures: The Spiders are headed for the 151-53 range over the next few months. Support today is at 141.60. The corresponding numbers for the June futures are 1510-30 with support at 1426.
QQQQ: The Q’s broke above resistance at 43.70 and this means that the market is on its way into the 47-48 range. Support stands at 43.54.
TLT - June Bonds: TLT is headed up into the 94-95 range. The bonds have dropped a little below 111-24 but the notes are holding support. For this reason I want to give the bonds a little leeway and am still looking for a 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: I think that the next 500 pips from here will be downward.
Dollar-Yen: The 115.14 low on March 5 will hold and that the market is now headed for 123. Meantime the 118.30 level is resistance. I expect to see the yen trade at 130 later this year.
OIH - USO - May Crude: I think OIH will reach 151-53 before resuming its longer term drop. USO will rally too but only to 52 or so. May crude rallied sharply late yesterday on a rumor of fighting in the Persian Gulf. Resistance today is 66.00. I still think the next big move will be downward to 55.00 or so.
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 still at 665.
May Silver: Silver has resistance today at 1365 and an extended drop lies dead ahead.
Google: I think the 437 low in Google will hold and that the move to 564 has started.
1 comment:
Carl,
Been following your blog. When you give support levels and they are broken does this change as well with your forcasts short term?
Love the blog and thanks.
Jim
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