June S&P E-mini Futures: The e-minis have spend most of the time since yesterday’s close trading below the 790 level. I think this means that yesterday’s rally was only an interruption of a short term down trend. My range estimate for today is 770-790. The 750 level still looks like the likely downside target. Once this reaction is complete I shall be looking for a move to 900.
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: The reaction in the euro should end near 131.00. I still think that the euro is headed for the 141.00 level.
Dollar-Yen: Then yen is headed for the 104.00 level.
May Crude: I think May crude is on its way to the 58.00 level. Support is at 46.00.
GLD – June 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.
2 comments:
Looks like atleast a 2% down day.Time to take your profits, G20 non-farm payrolls..
i was wrong about the 2% call. Looks like still enough hopeful folks..they sold the sterling hard and fast before the ISM..so i guessed they probably knew it will be real bad like the tenken
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