March S&P E-mini Futures: The market's short term trend direction is very uncertain. I really have no idea which end of the current 1292-1343 trading range will be broken first. Today's range estimate is 1317-1331. I still think we shall see much higher prices within the next couple of months.
QQQ: I expect to see new bull market highs soon.
TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.
TNX (ten year note yield): The 10 year yield is headed for 4.50%.
Euro-US Dollar: I think the euro will move up to 145.00.
Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.
April Crude: Crude has hit 104 so I think it will continue upward to 112.
GLD – April Gold: A move to new highs is underway. 1495 is the next upside target.
SLV - May Silver: Silver has reached the 36.00 upside target but there is still no sign of a top. Next stop is 39.50.
Google: The 540 level is support. A move that should take GOOG above 700 is underway.
Apple: Next upside target is 375. Support is at 310.
2 comments:
I agree very difficult to tell. On the one hand this correction has failed to establish new lows. On the other hand the bull pattern has been broken. What does the current sideways trading mean? Is the market building a top? Is the market consolidating gains?
Stocks are up one day and down the next. I think stocks will rally soon after several more choppy days. A key support level around is 1305-1310. A previous post of yours had that level as the support and the market closed around 1307. Your next upside target of 1380 is interesting. Once we get there it should be time for a bigger correction --a 5% drop from 1380 is just above this 1310 support level.
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