Guesstimates on March 24, 2009

June S&P  E-mini Futures: I estimate that today’s daytime range will be 30 points or so with the low near the 800 level. The market is getting close to the 840 target and I think that we shall see more and more sideways, trading range action as the market approaches 840.

QQQ: The 29.00 level is now support and I think the Q’s have started a move to 35.00.  

June Bonds: I don’t think the longer term bearish picture has changed. Resistance above the market is 132-16. Next downside target is 117.  

June 10 Year Notes: I think a bear market in the notes is underway. Resistance above the market is at 125-20.  Next downside target is 118.

Euro-US Dollar: I believe that the euro is headed for the 141.00 level. 130.50 is support.

Dollar-Yen: Then yen will probably react to 94.20 and then head for the 104.00 level.    

May Crude: I think 40.00 is support for May crude and that the market is on its way to the 58.00 level.  

GLD – April Gold: I think the market is headed below 700. Resistance above the market is at 955. A close above the 960 level will flip me back to the bullish column and mean that a move to 1100 is underway.

SLV - May Silver: Silver is still holding 1240 support but I think this level will soon be broken.  If it is the market will be on its way below 800.

Google: I think that its drop from 747 is over. Support is at 290. Next upside target is 410.