March S&P E-mini Futures:
Today's
day session range estimate is 11512-1527. Yesterday's strong rally completely
retraced Monday's fast move down. This means that the market is headed up into
the long term resistance zone of 1540-1587. From there I think the ES will
start a break of at least 10 %.
QQQ: The Q's
are now headed for 73.00.
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.
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