June S&P E-mini Futures:
The ES
traded well below 1352.50 yesterday and again this morning so the drop Sunday
night below the April 10 low was not a shakeout. The market is headed for
1320-30. From a low in that zone a rally to new bull market highs should begin.
QQQ: Downside target is 62.50.
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: Support at 100 has
been decisively broken. It looks like the market is headed down to
75.
GLD – June Gold: Gold has reached the 1585 downside target.
However I think the market will pay a visit to the vicinity of the September
and December low points at 1544 and 1529 before another up leg starts.
SLV - July Silver: Support at 28.50 has been reached. But I now
think the market will pay a visit to its December low at 26.27 before
reversing.
Google: Google is now headed
for its 2007 top near 750. Support is at 590.
Apple: AAPL
is headed for 520. From there a move
above the 644 high will start.
3 comments:
Plenty are saying if 1340 does not hold then a much larger drop is in store possibly in rather quick time.
possible rally from 1325?
a remember too your message cncerning 3 peaks & a domed house
Hey Carl,
I'd be curious to hear your thoughts on the news surrounding the Facebook ipo. Marketwatch seems to have taken a mildly bearish tone on the matter.
Thanks,
Nick
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