Wednesday, July 08, 2009

Guesstimates on July 8, 2009

September S&P E-mini Futures: The e-minis are headed for the 860-70 range. I estimate today's day session range as 867-885.

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

TYX (thirty year bond yield): From its December ’08 low at 2.52% the yield on the long bond rallied to 4.83% on June 10. 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): From its December ’08 low at 2.04% the 10 year yield rallied to 4.01% on June 10. Support is at 3.40 and the next swing 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 will probably drop to 92.50 and then 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 67.00.

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

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

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


Ron said...

Interesting your top emini level at 885 is sitting right next to the Key Point level of 885.25. Key Point levels, like so much of your work, offer very relable S/R lines in the sand.


F&H Painting said...

Nice work avoiding the downdraft. I notice GLD broke your support and SLV is getting close. Do you have a new forecast for precious metals?