June S&P E-mini Futures: The 2059-62 zone is resistance and if the
ES can push past it a move to 2015 and higher will follow. In the meantime
support is at 2046. In any case I expect the ES to move above its 2015 top of
2134 during the coming months.
QQQ: The 112 level is
resistance but the Q’s are headed eventually to 120. Support now is at 104.
TNX (ten year note yield): We probably have seen the low 10 year
yield for the year. I think that the 10 year yield will reach 3.00% during the
next 12 months.
Euro-US Dollar: Instead of heading lower as I expected
the Euro is rallying toward last year’s top at 1.17. If it starts spending time
above that top a new bull market in the Euro will be underway. Until then I
still think that the ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway. The dollar-yen reached its first downside
target at 108 and then rallied into the 111-113 resistance zone, stopping at 111.82.
The current leg down should carry to 104.
June Crude: The market spent a couple of days above
resistance at 45 and this is tempting me to move to the bull market camp. But I
will resist this temptation until crude futures hit 47.
June Gold: A new
bull market has begun in gold. The next upside target is 1315. Support is 1205.
July Silver: I think the bear market in silver is over. Resistance
now is at 18.00.
Google: Support is 675.
Apple: I
still think the bull market in APPL is intact. A return to 134 is in the cards.
Facebook: Resistance at 120 has been reached but FB has also staged an
upside breakout from a trading range so I think continuation up to 125-127 is
likely.
Twitter: Twitter should drop to 10.
Alibaba: Now headed back to 86.
Visa: Support is at 70. Upside target is 90-95.
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