Friday, September 18, 2009

Guesstimates on September 18, 2009

December S&P E-mini Futures: Today's day session range estimate is 1055-1070. I think the e-minis will be trading in a range between 1035 and 1075 for the next few days. After this consolidation period ends the market will begin a move to the 1120 level.

QQQ: Next upside target is 45.00.

TYX (thirty year bond yield): Support is at 4.20%. I think a swing to above the 5.00% level is underway.

TNX (ten year note yield): Support is at 3.25%. I think a swing up to 4.30% is underway.

Euro-US Dollar: I think the market will continue upward to 148.50.

Dollar-Yen: The yen has started a move up to 105.00.

October Crude: I now think that crude is headed down to 50.00. Resistance is at 76.00.

GLD – December Gold: Still expecting a move to 1070. Support is at 970.

SLV - December Silver: Continuation up to 1900 is likely.

Google: Support is at 420. Next upside target is 500.


vinaydh said...

Next stop looks like 1090 before any kind of pullback occurs. Even bulls have started to go on the sideline to get back in later. Perfect time for the market to rally without much baggage.

Ron said...

Carl......How about, we are in a Triangle that will break out higher later this afternoon. The pattern seems to fit for an Elliott wave type triangle that resolves in an upside breakout.

Kishore said...

vinaydh, as you have so aptly expressed earlier on your own blog, "The market is on a mission".

And the mission appears to be to go to the moon. Once it experiences the desolate coldness of the moon, it may come back to earth.

Right now, I am not betting either way. Waiting for the return flight to be firmly grounded in reality!

TAE said...

Be very careful these days. Natural market forces are being distorted. This morning some big capital moved the SP500 opening price print (SPXSET) almost an entire SPX options strike price (from a little over one strike to just over the next) in just four minutes, capturing options gains that probably would have been lost under normal market activity. Minutes later it was bimbling down until it happened again, sealing up the print. The extra expense in doing so will be made up in less than a week when the market naturally gets up over these levels.