Spiders - June S&P E-mini Futures: Support is now at 1310. We shall probably see at 1380 print before another 50-60 point break occurs. The market should rally into the 1430-50 range over the next couple of months.
QQQ: The Q’s still have support at 41.70. A rally to 47.50 is underway.
TLT - June Bonds: Resistance is still at 120-20 and I think the bonds will soon begin a drop to 112. I think TLT will drop to 88.
June 10 Year Notes: Resistance is at 120-00. I think the notes will soon begin a move to 112.
Euro-US Dollar: The market has rallied back near its 159.03 high but unless is closes above that level I shall still expect a reaction that will carry at least to 150.00 or so and probably lower than that.
Dollar-Yen: The yen will probably make it down to 93.50 before a good rally begins. Meantime resistance stands at 101.20.
XLE - OIH - USO – May Crude: I think a break of at least $20 has begun.
GLD - June Gold: The market should now be headed for the 750-80 range. Resistance is at 960.
SLV - May Silver: It looks like the silver is headed for 15.50 or so. Resistance is at 1870.
Google: Google still has support at 420 and I think the next big move will be upward.
3 comments:
Middle East skirmishes and tensions are generally a reliable bullish indicator. Tensions tend to begin early in troughs. Best example was the July 2006 lows when the Hamas rocket attacks began 4-5 days before the final low.
Latest Iraq Basra conflict telling me next leg up in the SPX is imminent.
"we should probably see at 1380 print before..."
Don't you mean "a" 1380 print? 3rd day of copy and pasted typo.
Pursuitist:
Don't be a jerk.
Cordially,
Carl
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