Monday, June 22, 2009

Guesstimates on June 22, 2009

September S&P E-mini Futures: I estimate today’s day session range will again be 892-907. I think the second down leg of the reaction started from Friday’s high at 923. The e-minis will probably continue down to 880 before a rally into the 965-980 zone starts.

QQQ: Support is at 35.00. The next upside target is 39.90.

September Bonds: The 113-00 target has been reached but there is now sign yet of a low. Resistance stands at 117-16. A bear market is underway in the bonds.

September 10 Year Notes: The downside target at 113-00 has been reached. There is no sign of a significant low. Resistance above the market stands at 117-00. I think a bear market in the notes is underway.

Euro-US Dollar: There is no sign of a top. Support is at 137.50 and I think the market will continue upward to 146.00.

Dollar-Yen: The yen will probably drop to 91.50 and then begin a move up to 105.00.

August Crude: Support is at 68.00. We think the market is forming a top in the 70-75 range and that the next substantial move will be downward.

GLD – August Gold: The market is headed for new highs near the 1050 level. Support is at 920.

SLV - July Silver: Silver is headed to 1700. Support is at 1385.

Google: Support is at 395. Next upside target is 500.

1 comment:

Narayana said...

supply shock this morning?