June S&P E-mini Futures: Today’s range estimate is 1582-95. The
market is holding above its April 16 rally high at 1570.75 which now should be
support. This implies that it is headed up to 1605 or so. But I still think
that a drop of 10% or more is imminent.
QQQ: 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 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 rallied a bit above 1440 resistance but should halt at 1465.
Strength above 1465 would mean that gold is headed back to the breakout point
at 1530. Downside target is still 1200-50.
July Silver: Initial downside target is 20.00 while
resistance above the market is at 27.00.
Google: The market averages are headed higher and GOOG held well
above
support at 747,
its 2007 top during the last reaction. This is a bullish combination and makes
it likely that GOOG will make it to 900 on this swing up.
Apple: Next
downside target is 350. AAPL has rallied above initial resistance at 430 and I
think the rally will carry to 460.
1 comment:
Hi Carl
The 3 peaks domed house pattern
is becoming more and more difficult
to nail down yet looking at it from a broad view the 14654 area on the dow is now key support on a closing basis as far as i am concerned and
i am beginning to think this is point 21 not point 23 . we are in a bearish cycle presently yet my thoughts are this is only a minor bearish cycle which has its next
turn due on may 24th 25th .
if i see a low into that time period i would look for an august peak. ill see how that pattern looks then before assuming anything.
good luck
Joe
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