June S&P E-mini Futures: Today’s range estimate is 1642-1655. A
drop of 30-40 points is imminent but I think the 1574-1587 zone defined by the
2000 and 2007 bull market tops will now be support. I am putting aside my 10%
break scenario for the time being since I see no short term technical evidence
of an important top here.
QQQ: Has reached the long
standing 73 target.
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 below it 20 day
moving average and this morning has dropped below support at 1.2920. If the
market spends a day below the latter level I will conclude that it is headed
down to 1.2400.
Dollar-Yen: I think this bull market has much further
to go. Support is at 96. The current leg
up should carry the market to 108 or so.
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: I
think gold is on its way to the next downside target at 1200-50. In any case
there is strong resistance above the market in the 1520-30 breakout zone.
July Silver: Initial downside target is 20.00 while
resistance above the market is at 27.00.
Google: GOOG should make it to 900 on this swing up.
Apple: Next
downside target is 350. Resistance is at 460.
No comments:
Post a Comment