June S&P E-mini Futures: The e-minis dropped to 771 early this morning but have since rallied 12 points. I am sticking with my daytime range estimate of 772-800 for today. 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: 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.
May Crude: I think 40.00 is support for May crude and that the market is on its way to the 58.00 level.
GLD – April Gold: I think the market is headed below 700. Resistance above the market is at 955. A close above the 960 level will flip me back to the bullish column and mean that a move to 1100 is underway.
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.
3 comments:
carl do you get your supply shock yet??
i expect a sitback to 706 or lower in the SPX within 25-26 march before we can attempt to break above 803. The loss of severity in the last downswing is supportive but not enough to justify a clear turn in trend. MC
Hi Carl & Friends,
I'm expecting market to trade higher in the last 2 hours of trade. I'm expecting a HIGH for QQQQ around 30.40/30.60 and a LOW around 29.52/29.55.
Regards,
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