Friday, May 26, 2006

Guesstimates on May 26, 8:50 am ET

June S&P Futures: The market has nearly reached 1285 resistance.  The next development will be a drop to 1260 or a bit lower. After that a move to 1295 which will complete a three phase rally from the recent 1246 low.

June Bonds: The bonds are on the way down to 106-00. Resistance today is 107-08. Over the next few weeks the market should reach the 110-111 zone.

June 10 Year Notes: The notes should soon reach support at 105-00. Resistance today is 105-20. Over the next few week I expect the market to rally into the 107-108 zone.  

Euro-US Dollar: The market will now rally  to 129.20.  After that a break to 126.50 and lower is likely to develop.

Dollar-Yen: The yen is headed back down to support at 111.00. After that a rally to 114.50 will develop. The market is preparing for a move up to 130.

July Crude: I still think the market will rally to 72.80 before dropping much lower.

June Gold: Gold should bounce off of resistance near 652 and then head down into the 605-10 zone.  Downside target over the next few weeks is the 2 and 1/8 multiple of the 252 low which stands around the 535 level.

July Silver: Silver is headed downward again and will probably continue down to 1100 or so.

Google: I think Google will hold the low at 360 and rally to 410.

2 comments:

Anonymous said...

CARL- LONG TIME READER OF YOUR SITE. I AM WONDERING WHERE YOU THINK WE ARE IN THE 3 PEAKS & A DOME. I READ YOU EVERY DAY & APPRECIATE YOUR OUTLOOK ON THE MARKETS. THANKS--AL REINSCH

Carl Futia said...

I discussed the current status of the 3P and DH in this post:

http://carlfutia.blogspot.com/2006/05/3-peaks-and-domed-house-update.html