June S&P E-mini Futures: Today's range estimate is 1065-1085. I think the low at 1036.75 ended the drop from 1216. I had thought that the "base building" process was over, but instead we have seen another break of more than thirty points. I believe the drop from Friday's early high at 1107 will end above the low at 1055.50 made late on May 26. Once the market stabilizes a move to 1300 will start.
QQQ: A move up to 54.00 will be the next big swing.
TYX (thirty year bond yield): I think this market is headed for 5.40%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.50%.
Euro-US Dollar: The market is starting to stabilize. The 131 level is resistance. Support is at 122. I think a move to 140 will begin from current levels.
Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.
July Crude: I still think crude oil is headed for 50.00.
GLD – June Gold: The odds are that the market will continue upward to 1320. I still expect to see 875 before 1400. Support stands in the 1160-70 range.
SLV - July Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.
Google: The 450 level is support. A move that should take GOOG above 700 will begin soon.
Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.
3 comments:
today's drop is a bad omen and i am beginning to think that this is MORE than a correction and may be. may be, market trend is changing...
from bullish to bearish...
I think we'll see some sideways trading before the bull market resumes. The lows have been set but the market won't just skyrocket from here. It'll be a slow moving up with sideways movements in between.
i was bearish in december-april, now I think its time to be a bull. simply because all the bad news is out there (eurotrash) and still we didnt make so much lower lows compared to feb-march bottoms.
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