June S&P E-mini Futures: Today’s range estimate is 1618-38. A drop
to support in the 1574-1587 zone is underway.
QQQ: Downside target is 70.00.
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 has spent several days back
above 1.2920 support and has close above its 20 day moving average two days
running. I think this means that the market has now resumed its move up to
1.4000.
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.
August 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:
Well, I got what I was looking for today, a second day in a row of record high positive vs. negative numbers. Friday was 14.85. A little over a week ago was 14.57. We had a pretty good down day Friday, but it didn't scare anyone this time. Today was 14.43. I think it's official now. Important top is here. How important? We shall see. These numbers are over five times as high as the highs in 2007. I think you can thank the Fed for blowing up this bubble.
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