June S&P E-mini Futures: I think that yesterday’s late rally which continued overnight is a decisive rejection of prices below the 800 level. This implies that the market is on its way to 845 or so. Today I expect to see a daytime range of 805-835.
QQQ: The 29.00 level is support and I think the Q’s are headed for 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 115.
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.
5 comments:
Its getting support because of window dressing..end of quarter--it will fall soon after
Carl,
Don't you think this rally is getting a little long in the tooth and a substantial decline is in order?
ES keeps stalling in the low 820's ... it's gonna be tough to make to 840
Carl, why USD/YEN go back to 94.20? It seems to head up to test 99.70 resistance tomorrow.
why yen react to 94.20? It seems to head to 100 on Friday.
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