Monday, September 29, 2008

Guesstimates on September 29. 2008

Spiders - September S&P  E-mini Futures:  I think the e-minis are headed for the 1160 level.  From there the market should turn up once more and a rally to 1300 should begin.  Resistance above the market today is 1200. 

QQQ: The Q’s should hold support near 38.50 and then start a move up to 45.00.   

TLT - December Bonds: I think a big drop is underway in the bonds. It should carry the market back to 111 or lower. 

December 10 Year Notes: The notes are now headed for the 110-111 zone. 

Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is now at 149.40. 

Dollar-Yen: Resistance is at 108.50 and I think the market is headed for 98.00. 

XLE - OIH - USO – November Crude: Crude now has resistance at 112.00. Next downside target is 75.    

GLD - December Gold: Gold still has resistance at 935.  I think gold will soon drop to 600. 

SLV - December Silver: Resistance is at 1390. Next downside target is 900.   

Google: I am not very sure about Google’ technical position. I still think it has a good shot at 375 before it resumes its long term bullish trend.   

3 comments:

Anonymous said...

Carl, look at the weekly chart of $SPX. The dragon fly candle pattern is not bullish where everyone think is bullish (probably because they think formed at the low of the market). But actually is bearish. Is a topping pattern. It formed while market is going up, not down. So I would think either we go test the 1134 or even break it.

Anonymous said...

I think that today's low will be 1185. After the touch of this low i think the ES will break trough 1200 level.

MAT

Anonymous said...

I was wrong, but i still think that the ES will break trough 1200 level today.

MAT