March S&P E-mini Futures:
Today's
day session range estimate is 1484-1499. This break should carry the ES down to
1467 and probably down to 1420-30. There is strong long term resistance in the
1540-87 range and I think that once the current correction is over the market
will rally into that zone before a drop of as much as 10% begins.
QQQ: The Q's are now headed for 63.50.
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 has broken well
below 1.3150 support so I think it is
now headed down to 1.2700.
Dollar-Yen: I think this bull
market has further to go, at least to 96 or so and probably to 99-100.
April Crude: 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.
April Gold: Gold is likely to find support near its last
two lows in the 1530-40 range.
March Silver: Silver should find
support near the 26.00 level.
Google: Google has traded
above the 800 level and is on its way to
950.
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:
My long-term indicator has dropped to a very, very low 1.51 times the money on the positive side versus the negative side. That's the lowest I've seen in a year or two. So my long-term indicator gives its blessing to this rally continuing. Sorry I said this could take weeks just a couple days ago to drop down this low. It only took a couple days. Plenty of doubt supplied from sequestration.
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