June S&P E-mini Futures:
Today's
range estimate is 1375-90. Should the market start spending time below 1375 I
would then conclude that the 1352.50 low will be broken in the course of a drop
to 1320-30.
QQQ: Upside target is now 72.50.
TNX (ten year note
yield):
The 10 year yield has drifted back into
its recent multi-month trading range. I still think that the 10 year yield has
started a move to 3.00%.
Euro-US Dollar: The Euro has rejected
the 1.3300 resistance level. The market is headed for 1.2600.
Dollar-Yen: The yen has decisively
broken below support at 81.00. This means that the market is headed for 75 and
lower.
June Crude: An extended upswing is
underway. Support is at 100.
GLD – June Gold: Gold will probably drop to 1585. A move to
2100 is underway.
SLV - July Silver: I think silver is
headed for 50.00. The 31.50 level was broken and now 18.50 looks like support.
Google: Google is now headed
for its 2007 top near 750. Support is at 590.
Apple: Since
the ES appear to have established its reaction low I now think that AAPL will
hold its 555 low. After a period of sideways action Apple should then move above the 700 level.
1 comment:
Measuring this current dip "box" off the recent 4/27 highs is now equal in length to the Feb 29-March 6 dip "box" of 38 points +/-, could see a spectacular rally next week just like the spectacular rally of 2nd week in March.
There is also a declining wedge off the recent 4/27 highs, and one behavior of declining wedges is to have a final scary "dip" before a big reversal.
Todays selling should all be part of this weekends Supermoon and a nice buying opportunity low, next week could be spectacular for the bulls.
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