June S&P E-mini Futures: Today’s day session will probably extend from a low at 830 to a high near 850. I still think the 825-870 trading range will be resolved by an upside breakout which will carry the market to 900. In any event this market is likely to reach the 940 level over the next few weeks.
QQQ: The 32.40 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: Resistance stands at 133.35. I now think the euro is headed for 115.00.
Dollar-Yen: Then yen is headed for the 104.00 level. Support stands at 95.55.
June Crude: I think 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 915.
SLV - May Silver: Silver is headed for 750.
Google: I think that its drop from 747 is over. Support is at 360. Next upside target is 420.
2 comments:
Hi Carl,
Thank for you all your valuable insight. I was wondering if you could shed some light on why you believe the next major move for this market will be to an upside break rather than a significant and healthy pullback, perhaps to the 770 area.
Thanks
Hi Carl,
if I may answer this, besides techn. considerations (symmetry,wave, retracement structures)it is save to observe that currently the most annoying thing this market could do is to creep higher and higher with smaller and smaller corrections... and this is what Mr. Market usually tends to do.... not the ´´healthy´´ correction everybody is looking for.
The vast majority of players gets shorter and shorter here and/or not invested at all... what you can read and hear currently is a clear sell signal BUT so far we are not staying down, which means that it smells like a move above 900 is before us.
cheers
Susn
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