June S&P E-mini Futures: Today’s range estimate is 2030-2052. I think
a drop to 2000 is underway. If the ES breaks the 2000 level decisively a drop
of at least 200-300 points will be underway.
QQQ: Downside target is 100.
TNX (ten year note yield): I think that the market is headed up to
3.00%.
Euro-US Dollar: The ECB’s quantitative easing program
will drop the euro below 1.00 over the coming months. Near term downside target
is 1.03. Resistance above the market is at 1.12.
Dollar-Yen: Support is at 116. The bull market has
much further to go over the coming months. 140-45 is my longer term target
zone.
May Crude: The longer term trend
in oil prices is downward and should carry this market down close to the 2008
low at 33. Resistance above the market is at 55.
April Gold: The
odds favor continuation downward to 1040 over the coming months. Resistance
above the market is at 1215.
May Silver: I think silver is headed for 13.00.
Google: I think the longer
term trend is upward and expect GOOGL to hit 670.
Apple: There
is no reason for thinking the bull market is over. New upside target is 140 but
160 should not be far behind. Support is at 121.
Facebook: Upside target is 90. Support is 72.
Twitter: I expect TWTR to move up to 70.
Alibaba: BABA is headed for 68. Resistance above the market is at 86.
Visa: Upside target is 72. Support is 63.
2 comments:
Carl, gold hit 1218, above your 1215 (or is it 1230?) resistance.
We should finally be under the tow of the 3.5-year cycle I mentioned. After the drop is complete, the 4-yr and 3.5-yr will be pointing up. So I would think a significant top would not be until 2016 or 2017.
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