June S&P E-mini Futures: Today's range estimate is 1323-1336. I think the drop from 1373.50 ended yesterday at 1316. The next big swing should take the market over 1400.
QQQ: Upside target is 63.00.
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: The market is headed for 137.00. Resistance is at 145.50. I still think it is likely that it will reach 150 and above during the next few months.
Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 81.80.
June Crude: It looks like the trend is downward. Support is at 94 and I think the market will rally to 106 or so before another down leg develops. That subsequent down leg should carry crude down to 88.
GLD – June Gold: Downside target is 1430. Resistance above the market is 1530. I think that gold will trade above 1600 during the next few months.
SLV - July Silver: Support in silver is at 31.50. The market should rally to 41.50 after hitting 31.50 support.
Google: GOOG is headed for support at 495 from which point the move to 700 and above will resume.
Apple: Next upside target is 410. Support is at 310.
1 comment:
Gotta tip my cap to you Carl. Looks like you called the bottom.
Lots of gnashing of teeth about the end of this bull, the end of commodities, the end of appetite for risk. I dare say, a couple of more days like today and all the weak kneed bulls, who flinch at every wiggle in the average will be clamoring to buy at higher prices.
As a Dow Theorist, I am amazed at the recent swell of bearish sentiment in the face of such a light correction. We never even got out of hailing distance of the cyclical bull market highs.
Nice job.
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