June S&P E-mini Futures: I don’t think the market is going to escape from its 760-800 trading range for a couple of days at least. I estimate today’s daytime range will be 770-795. The 840 level is still my target for this move up from 666.
QQQ: The 26.00 level is still support and I think the Q’s have started a move to 35.00.
June Bonds: I don’t think the longer term bearish picture has changed. Resistance above the market is 132-16. Next downside target is 117.
June 10 Year Notes: I think a bear market in the notes is underway. Resistance above the market is at 125-20. Next downside target is 118.
Euro-US Dollar: I believe that the euro is headed for the 141.00 level. 130.50 is support.
Dollar-Yen: Then yen will probably react to 94.20 and then head for the 104.00 level.
May Crude: I think 40.00 is support for May crude and that the market is on its way to the 58.00 level.
GLD – April Gold: I think the market is headed below 700. Resistance above the market is at 955. A close above the 960 level will flip me back to the bullish column and mean that a move to 1100 is underway.
SLV - May Silver: Silver is still holding 1240 support but I think this level will soon be broken. If it is the market will be on its way below 800.
Google: I think that its drop from 747 is over. Support is at 290. Next upside target is 410.
3 comments:
Carl,
I am a silent bull of this market.
Based on your projections when you say the market won't escape from 760-800 are suggesting that the market will base around those levels before any potential move?
hopefully this is the last plan--when will they learn, the market cant be propped up. It will go up only when it wants to. I just have the feeling they will introduce the uptick rule just about when all the selling is done, and when it starts going up, they will claim it worked!
The market will probably go up by exactly the same points as it went down when geitner had no plan. The world must be full of extremely intelligent people, they can price in this plan so fast. I suppose for now they are "undoing" the no plan premium
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