Monday, October 26, 2009

Guesstimates on October 26, 2009

December S&P E-mini Futures: Today's day session range estimate is 1065-1082. The market is now on its way to 1050.

QQQ: Support is at 42.30. Next upside target is 45.00.

TYX (thirty year bond yield): I think this market has begun a move to 5.00%.

TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.

Euro-US Dollar: I think a sustained drop to below 120 is about to start.

Dollar-Yen: I think the 87.13 low will hold and that the yen will soon begin a move to 105.00.

December Crude: I think that crude is headed down to 50.00. Resistance is now at 81.00.

GLD – December Gold: The market will probably keep going until it reaches 1120. Support is at 1000.

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

Google: Upside target is 550 has been reached. Support is now at 490. Next step upward will carry to 610.


fiki said...

hope you at least looked at the right chart. the headline says october 2.

andi said...

i have a little different take..i expect market to bounce here shortly to ~1085-1090 and then tuesday onward will see sell off to 1065 or so...

MaverickUK said...

I will reiterate my comments from Friday. This may not just be a reaction. This could be the end of the rally full stop. The S&P (as is the FTSE and other markets) are up against a very strong downward sloping trendline which runs from the very highs in Oct 07. We could be heading for a 10% correction at least - if not a full retrace to new lows.

My target for today is 1060 on the S&P futures.

fiki said...

One way or the other it´s going to be interesting if we break 1070. Friday was an inside day. A lot of people are looking for a breakout. Since so few days are inside days the odds are good that we at least take out 1071.5 today. On a weekly volume profile chart 1065-ish looks sollid. if a selloff to that area doesnt attract more sellers a lot of shorts gonne feel the heat when bounces back in range..

fiki said...

please scratch my last comment. i operate on swedish winter time and forgot you guys dont change your time yet. costed me a couple of points :(

jeff said...

Back to drawing board. Today's expected high has been surpassed and the update from Friday is a moot point now.

Sure feels like a topping process is taking shape with all of the random up and down action over the past few days.

Regardless, it doesn't change my longer-term perspective that the market will hit S&P 400 over the next couple years as I subscribe to the old DOW charts from 1929 to 1932. Since 2007, the same chart patterns are occurring.