June S&P E-mini Futures: Resistance above the market at 2381 was
broken Friday, a bullish development. As long as support at 2374 holds the
swing up from the 2344.50 low is likely to carry the market back above the 2400
level. In any event the ES will probably trade at 2500 and above later this
year.
QQQ: The March 2000 top at
120.50 is long term support. Shorter term support is now at 126.00. This
average is headed for 145.
TNX (ten year note yield): Support in the 10 year note yield is at
2.25%. Next upside target is 3.00%. 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. 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 is 160.
Twitter: Resistance at 20 is likely to stop any rally. A move back
above that level would have longer term bullish implications. Until then TWTR
is headed for 10.00.
Alibaba: I expect BABA to reach 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.
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