Wednesday, March 20, 2013

Guesstimates on March 20, 2013

June S&P E-mini Futures: Today's day session range estimate is 1546-59. The Cyprus news yesterday couldn’t drive the market below its Sunday night low at 1529.50 and yesterday’s drop has now been completely retraced. This is a bullish sign. I think the ES is headed to the high end of the current long term resistance zone between 1546 and 1587.But I also think a drop of 10% or more is likely to start within a few weeks.  
QQQ:  The Q's are 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 euro is headed for 1.2700. Longer term upside target remains 1.40.
Dollar-Yen: I think this bull market has further to go, probably to 100-01.
April Crude:  As long as crude does not spend much time above 100 I will stick with my view that it is headed below 70.
April Gold:  Support is in the 1530-50 zone lows of this trading range
May Silver: Support is at 26.00.
Google: Now headed for 950.
Apple:  Longer term downside target is 350 and near term support is 390. Meantime resistance above the market is at 480.

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