March S&P E-mini Futures: Today's day session range estimate is 1369-1381. The rally from the November 25 low has carried the market up to and a little above 1370 which has made that rally as big as the October 2011 rally. The May 2011 top was at 1373. So I think it is likely that the market's advance will pause near these resistance levels. A drop of 50-70 points is likely. But even so I expect the market to move well above the1400 level over the next few months.
QQQ: Resistance stands in the 63-65 zone and a break to 59.50 will probably be the next development.
TNX (ten year note yield): The 10 year yield has started a move to 2.50%.
Euro-US Dollar: On Friday the euro traded as high as 1.3485, just shy of my 1.3540 target. My best guess is that the rally from 1.2623 is nearly over.
Dollar-Yen: The yen has been trading a little above resistance at 80.00. If the market starts spending time above 81.00 I will conclude that it is headed for 90.00. Until then I am sticking with my 70.00 target.
March Crude: An extended upswing is underway. It will probably take crude to 114 or so.
GLD – April Gold: A move to 2100 is underway.
SLV - March Silver: I think silver is headed for 50.00.
Google: Google is now headed for its 2007 top near 750.
Apple: AAPL rallied to new bull market highs yesterday. Resistance above the market now is at 545.
1 comment:
Thx for your intellectual insights. ES been keeping gaping, then hold & creep high for the year. A dynamic exhibition of sustainable recovery or false short term wealthy creation for even bigger problem down the road?
If the former, wonderful, otherwise, bulls have to be on their toes. What do you see for the rest of year in the context, ES to the moon, or very close to the high?
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