Thursday, April 17, 2014

Guesstimates on April 17, 2014

June S&P E-mini Futures: Today’s range estimate is 1848-1863. The midpoint of the drop from 1892.50 to 1803.25 was 1848 and the market held that level as support overnight. I now believe the ES is headed above 1892.
QQQ:  Upside target is 95.00.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The reaction is over and the euro is headed for 1.42.
Dollar-Yen: The dollar-yen is headed for 107.00.
June Crude:  If crude has spent several days trading mostly above 103 resistance but so far has not spent much time trading above its last high at 104.48. A close above that high would mean the market is headed for 111.
June Gold:  Resistance above the market is at 1320. A couple of closes above there would turn me bullish.
May Silver: Resistance above the market is at 20.25. A couple of closes above there would turn me bullish.
Google:  Support is at 538 and if this fails a drop to 450-475 is likely.
Apple:  AAPL has been acting weaker than the market during 2014. A drop below its 200 day moving average, currently at 508, now seems likely. If it happens AAPL will be headed for 300 or lower.

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