Spiders - June S&P Futures: The Spiders are on their way to support near 149.00 and the futures should drop to support near 1494. From those levels I expect the market to start a rally which will carry the futures to 1538 and the Spiders to 153.30.
QQQQ: Next upside target in the Q’s is at 47.30 while support stands at 45.80. I am looking for a move up to 50.00 or higher over the next few months.
TLT - June Bonds: The bonds have moved decisively above resistance at 111-20. A strong close today if accompanied by a strong close in the 10 year notes will turn me bullish on these markets. TLT will follow the trend in the bonds.
June 10 Year Notes: Resistance in the notes is at 108-10 and a close above the 108-16 level today will mean that the trend has turned upward.
Euro-US Dollar: The Euro is making a top at the same level as the December ’04 high of 136.66. I still think that the market will drop below the 130 level before it hits 137.50.
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 465.
Carl, how are you arriving at the 1494 target? It seems you are looking at the largest reaction of 22 points from the low on 3/30? Is it really that simplistic, ie: subtracting 22 points from 1517?
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