March S&P E-mini Futures: Today's range estimate is 1126-1140. The employment number came in pretty much as expected and as I write this the market is trading about 7 points higher than yesterday's pit close. I expect the market to reach 1200 over the next three months.
QQQ: A rally to 50.00 is underway.
TYX (thirty year bond yield): I think this market is headed for 5.00%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.
Euro-US Dollar: This market is now headed for support near 131.00. Resistance above the market is at 141.00. Looking further ahead I think that a drop to 125 is likely over the coming months.
Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.
April Crude: I think the market is headed for 50.00. Resistance is in the 81-83 range.
GLD – April Gold: The longer term trend has turned downward. I expect gold to drop to 875 over the next few months. The market has moved substantially above 1120 resistance but I expect it to stall in the 1150-60 range and then head lower. Strength above 1160 would mean that it is headed instead for 1300.
SLV - May Silver: I now think silver has started a down move that will carry it to 10.00 over the next few months. Resistance above the market is now 18.30.
Google: The next significant move should take GOOG above 700.
2 comments:
Outstanding blog to read/study during recent market pullback. I never miss a post. Thankyou.
I agree Carl, your analysis and step by step commentary of why/how/where the market is moving is exemplary . I follow your comments every day without fail and look forward to you continuing this excellent service. Thank you.
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