June S&P E-mini Futures: Today’s range estimate is 1538-54. Yesterday’s
high volume selling makes it even more likely that the 1593 top ended the rally
from the November 2012 low at 1340. First downside target is 1468 which is
support defined by the September 2012 top.
QQQ: Headed for 61.
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 trading above its 20 day
moving average and it looks like a swing to 1.40 has begun.
Dollar-Yen: I think this bull market has much further
to go. However the market is likely to stall for a few weeks beneath resistance
at 100-101. Support is at 96.
June Crude: As
long as crude does not spend much time above 100 I will stick with my view that
it is headed below 70.
June Gold: The
market has broken out of its long trading range to the downside. It looks like
an extended bear market has begun. Initial downside target is 1200-50 while
resistance above the market is at 1440.
May Silver: Support is at 26.00 has been broken
decisively and an extended down trend is underway. Initial downside target is
20.00 while resistance above the market is at 27.00.
Google: Headed down to 675.
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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