Spiders - June S&P Futures: The Spiders are headed for their next resistance at 145.20. The futures are headed for 1465. New bull market highs will be seen during the next couple of months.
QQQQ: The market is headed for resistance at 45.00. I am looking for a move up to 50.00 or higher over the next few months.
TLT - June Bonds: I now think TLT will drop to 85 before resuming its bull market. The bonds should hold temporary support near 110-00 and rally to 111-00 before resuming their decline to 109 or below.
June 10 Year Notes: The notes should hold temporary support near 107-08 and rally to 108-00 before resuming their drop to 105-16.
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 120.20 level is resistance and support is at 117.60. I expect to see the yen trade at 130 later this year.
OIH - USO - May Crude: I still think OIH will reach 151-53 before resuming its longer term drop. USO has rallied to 54 but the next 10 points from here will be downward. May crude has reached resistance at 66.00. I still think the next big move will be downward to 55.00 or so.
GLD - June Gold: I think that both GLD and June gold have begun an extended decline that will carry gold well below 600. Resistance in the futures is still at 675.
May Silver: Silver has resistance 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. Support now is at 460.
1 comment:
Carl,
I have come across an interesting estimate on Retail Sales
that could possibly serve as a catalyst for a selloff next week.I did some number crunching that looks bearish.
Check my blog.
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