Tuesday, March 18, 2014

Guesstimates on March 18, 2014

June S&P E-mini Futures: Yesterday the ES recovered its 1846 support level which had been broken substantially. If the market can put in one more bullish day above that level I will conclude that the drop from 1887.50 ended at 1823.50 and that new bull market highs lie ahead.
QQQ:  Downside target is 86 but a bullish day today will negate this bearish progosis.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The Euro is headed up to 1.43.
Dollar-Yen: The dollar-yen is headed for 107.00.
May Crude:  I now think the rally above the 102-03 level was just the last gasp upward prior to a more substantial decline. Downside target is 92 but I think that may well be only the first stopping point in a bigger decline.
April Gold:  The market is headed above 1400.
March Silver: A move as high as 26.00 is underway.
Google:  Google stopped at 1234, shy of my 1250 target, and now appears to be on its way down to support near 1090.
Apple:  The downtrend in the general market is likely to carry AAPL substantially lower. A drop below its 200 day moving average, currently at 492, would be very bearish.  

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