I had a 2000 target for the SP500 set several months ago. I was expecting the High to come in the seasonal month of May. It looks like this market is advancing now to 2000 will reach its target by 4th July.
SP500
Bulls look for support at 1950 and grind slowly up to 1975, Bears will be looking for a move and close below 1925. A summer low mid-July around 1750 is looking less likely each day.
FTSE
FTSE held above 6750 last week. A break above 6880 will give the Bulls the scent for 7000. FTSE upside target is normally 250pts above the 50ema (6780), given a target of 7005. Seasonal weakness targets 6400 retest by end of July
GOLD
After Gold move $43 on Thursday 19 June following the Fed comments, expect the price to consolidate around $1300. Look for Gold to trade between $1280-$1320 this week. Unless Iraq or Ukraine explodes in the next few weeks, Gold looks range bound $1250-1350 until August.
SP500
Bulls look for support at 1950 and grind slowly up to 1975, Bears will be looking for a move and close below 1925. A summer low mid-July around 1750 is looking less likely each day.
FTSE
FTSE held above 6750 last week. A break above 6880 will give the Bulls the scent for 7000. FTSE upside target is normally 250pts above the 50ema (6780), given a target of 7005. Seasonal weakness targets 6400 retest by end of July
GOLD
After Gold move $43 on Thursday 19 June following the Fed comments, expect the price to consolidate around $1300. Look for Gold to trade between $1280-$1320 this week. Unless Iraq or Ukraine explodes in the next few weeks, Gold looks range bound $1250-1350 until August.
| Sector | Fund | Price | Daily Stop | Weekly Stop | Target | When | |
|---|---|---|---|---|---|---|---|
| USA | SP500 | 1962 | 1950 | 1925 | 2000 | 4 July | |
| UK | FTSE | 6825 | 6780 | 6750 | 7000 | 4 July | |
| Europe | DAX | 9987 | 9950 | 9850 | 10000 | 4 July | |
| Japan | N225 | 15350 | 15250 | 15000 | 16000 | 7 July | |
| Comm | Gold | 1315 | 1285 | 1258 | 1400 | 01 Sep |
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