Spiders - June S&P Futures: Support today is again at 150.00 in the Spiders and 1502 in the S&P’s. I think that the Spiders are headed up to 153.20 and the S&Ps are headed up to 1535.
QQQQ: The Q’s should hold above support at 45.80 and head up to 48.10. I am looking for a move up to 50.00 or higher over the next few months.
TLT - June Bonds: A bond close above 112-08 would turn me bullish but failing that I will stick with my view that this market is headed for 108-16. TLT will follow the trend in the bonds.
June 10 Year Notes: The notes are headed for 106-20. Resistance in the notes is at 108-10 and a close above the 108-16 level would mean that the trend has turned upward.
Euro-US Dollar: An extended decline is underway. Initial downside target is 133.50 but I think that the market will eventually drop to 125 or lower. Meantime resistance is at 136.70.
Dollar-Yen: The yen is headed for 123.50. Support is at 118.40. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – June Crude: Both XLE and OIH have hit or closely approached their targets at 65 and 165 respectively. I think the next significant move in both will be downward. USO is headed for 45. June crude is headed for support at 56.50.
GLD - June Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. June gold should hold resistance at 696 and then drop below 600.
SLV - July Silver: SLV has bounced off of resistance near 141 and is on its way below 120. July silver is headed below the 1200 level.
Google: I think Google is headed for 564. Next upside target is 495 while support is at 456.
Hi Carl,
ReplyDeleteStill bearish on oil? June futures seem to target 67 and higher?. thanks