Tuesday, July 14, 2009

Guesstimates on July 14, 2009

September S&P E-mini Futures: Today's day session range will be 890-910. The e-minis are in the early stage of a move which will carry into the 965-80 zone.

QQQ: Support is at 34.00. The next upside target is 39.90.

TYX (thirty year bond yield): Support is at 4.20%. The next big move will be a swing upward in yield to above the 5.00% level.

TNX (ten year note yield): Support is at 3.25%. I think that the next swing up is about to begin and should take the yield on the notes to 4.30%.

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 has reached the 92.50 downside target and soon will begin a move up to 105.00.

August Crude: The trend in crude oil is now downward and will carry the market as least to the 55.00 level. Resistance above the market is at 65.00.

GLD – August Gold: Support at 920 was broken. I want to give this uptrend the benefit of the doubt so I will wait for weakness below 900 before I conclude that the market is headed much lower.

SLV - September Silver: Silver is headed to 1700. Support is at 1250.

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


MC said...

The correction isn't over yet. Still room for downside as long as there are people thinking this market will head higher. Cheers.MC.

Kishore said...

It appears that we have just completed wave 2 up of a major downward correction. As usual, the wave up was fueled by the shills at CNBC.

The next wave is supposed to be a big wave 3, DOWN.