March S&P E-mini Futures:
Today's
day session range estimate is 1498-1510. It is likely that the ES will rally to
1546 during the next few weeks.
QQQ: The Q's are now headed for 73.
TNX (ten year note
yield):
Bond yields are going much higher as the market begins to anticipate stronger
economic growth. The first upside yield target for the 10 year is 2.50%.
Euro-US Dollar: The ECB is pursuing a
tighter monetary policy than the Fed and that will move the Euro to 1.40 or higher. Next upside target is 1.35. Support is at
1.2670.
Dollar-Yen: I think this bull
market has further to go, at least to 96 or so.
March Crude: Crude has rallied past 95 resistance. But the
September 2012 top is just above 100 and unless the market starts accepting
prices above that level I will stick with my view that it is headed for 70 and
lower. Resistance above the market is now at 101.
February Gold: A repetition of the size of the last rally
would put gold up to 1715. Any more strength than that will mean that the
longer term trend has turned up.
March Silver: The last rally in
silver was about 350 points. A similar rally now would put the market up to
33.30. Any more strength than that will mean that the longer term trend has
turned upward.
Google: There are several old
tops in the 640-670 range which should be strong support for a move up to 800
and higher.
Apple: During the current rally in the averages AAPL
has underperformed the market and GOOG. Longer term downside target is 350 and
near term support is 435. Meantime resistance above the market is at 525.
1 comment:
There's major resistance at 1510 on the S&P cash and 14000 on the Dow. Advances on the NYSE lead declines by a 4:1 ratio 80% to 20%, if the cash market is unable to close above 1510 today we would have in most likelihood seen the top today.
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