June S&P E-mini Futures: Today's day session range estimate is 1528-42.
The employment number this morning dropped the ES 10 points on top of a 12
point overnight drop. This is a bearish follow through to Wenesday’s break.
Such action is a departure from the market’s behavior this year so far when
every break of a day or so followed by an immediate rally. Still, there is
strong support near 1530 but a decisive move below that level would probably
mean that a downtrend of at least 100 points and probably more has started.
QQQ: I’m holding the
up-to-73 forecast in abeyance until I see how the ES acts near 1530 support.
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 scraping bottom for this
reaction. The next significant move should be upward to 1.40.
Dollar-Yen: I think this bull market has further to
go, probably to 100-01.
May 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: 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.
1 comment:
I now think Tuesday's high was point 23 of the TPDH that began in September 2012.
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