June S&P E-mini Futures: The e-minis are trading at 796 as I write this, so we did NOT see a supply shock on yesterday’s last hour reaction. But the response to the Fed announcement was definitely a buying climax, so I think the market will trade sideways for a few days. Today’s range estimate is 775-805. The 840 level is still my target for this move up from 666.
QQQ: The 26.00 level is still support and I think the Q’s have started a move to 35.00.
June Bonds: The bonds jumped a remarkable 8 points on the Fed news yesterday, but I don’t think the longer term bearish picture has changed. Resistance above the market is 132-16. Next downside target is 117.
June 10 Year Notes: I think a bear market in the notes is underway. Resistance above the market is at 125-20. Next downside target is 118.
Euro-US Dollar: I believe that the euro is headed for the 141.00 level. 130.50 is support.
Dollar-Yen: Then yen will probably react to 94.20 and then head for the 104.00 level.
April Crude: The 30-35 zone is long term support. The 50.00 level is resistance.
GLD – April Gold: I think the market is now headed below 700. Resistance above the market is now at 955.
SLV - May Silver: Silver is still holding 1240 support but I think this level will soon be broken. If it is the market will be on its way below 800.
Google: I think that its drop from 747 is over. Support is at 290. Next upside target is 410.