June S&P E-mini Futures: Today’s range estimate is 1636-49. A drop
to support in the 1574-1587 zone is probably underway.
QQQ: Downside target is
72.00.
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 trying to climb back above
its 20 day moving average and in the process is reestablishing itself above
1.2920 support. I want to see one more day above the 1.2920 level before I turn
bullish.
Dollar-Yen: I think this bull market has much further
to go. Support is at 99. The current leg
up should carry the market to 108 or so.
July 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: Support is at 800 and I think the next step up will carry
GOOG to 975.
Apple: Next
downside target is 350. Resistance is at 460.
1 comment:
After shooting up to a never-before-seen 14.57 times the money on the positive side versus the negative, it fell back to 8.20, 9.61, 10.71, 9.79, 10.25, and now today, Friday, shot back up to a record high of 14.85. It may stay around these record high positive/negative numbers for a few more days, maybe make one more run at highs in the markets, maybe not, but this is definitely an important high. We will go down until, at a minimum, that number is down below 2.0. And if this is Big Daddy, we'll go down until that number gets to 0.00 or slightly negative. This could take a while.
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