Monday, June 08, 2009

Guesstimates on June 8, 2009

June S&P  E-mini Futures: The e-minis have dropped below Friday’s 933 low and this means that the market is headed for the 900-910 range. After this drop is complete I shall be expecting a move up into the 965-80 range. I estimate today’s day session range will be 920-940.

QQQ: Support is at 34.50. 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 116-08. A bear market is underway in the bonds.

September 10 Year Notes: The downside target at 113 has been reached. There is no sign of a significant low. Resistance above the market stands at 115-16. 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 144.00.  

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

July Crude: Crude has nearly reached the 69.00 target level. Support is at 64.00 and continuation up to 75.00 is likely.   

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

SLV - July Silver: Silver is headed to 1700.

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

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