June S&P E-mini Futures: The ES has stalled at resistance associated
with the March 16 top at 2388.75 and the March 1 top at 2397.25. But right now
there is no sign that this resistance is being rejected. So it looks like the
ES will rally soon above 2400 before sellers get interested. In any event I
think the ES will be trading well above 2400 later this year.
QQQ: The March 2000 top at
120.50 is long term support. Shorter term support is now at 126.00. Next upside
target is 136 has been reached. This average should move generally higher in
2017.
TNX (ten year note yield): Support in the 10 year note yield is at
2.25%. Next upside targets will be 2.85%
and then 3.40%. The 10 year yield is well above its 200 day moving
average which suggests that a sustained rise in yields is underway. I think
this paradoxically is a very bullish omen for world stock markets.
Euro-US Dollar: The ECB’s QE policy will ultimately drop
the Euro below par.
Dollar-Yen: A new bull market is underway. Support now
is at 108. Upside target is 126-27 then 136
West Texas Crude Oil: Crude is in a bull market. The 56-58
upside target has been reached. Support remains at 45, Next upside target is
62.
June Gold: Next
resistance is at 1305. I still think Gold is headed back to its 1035 low.
July Silver: Silver is headed for 13.00 and below.
Google: Upside target is 1010. Support is at 760.
Apple: AAPL
is on its way to 162.
Facebook: Support at 125. Next upside target after 145 is 160.
Twitter: Resistance at 20 is likely to stop any rally. TWTR is headed
for 10.00.
Alibaba: I expect BABA to swing up to 125.
Visa: Upside target zone of 90-95 has been reached and I expect
Visa to stall here for a while. Support is at 82.
