Monday, November 02, 2009

Guesstimates on November 2, 2009

December S&P E-mini Futures: Today's day session range estimate is 1025-1042. I think that the 1020 level will hold and that the next significant development will be a rally to 1120 or higher.

QQQ: Support is at 41.10. 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: Support is now at 490. Next step upward will carry to 610.


Yāvar said...

I think S&P500 will pass 1050 today.

andi said...

market will perhaps test 1025 or so..from there on rise will be capped at 1065-1075..then another swing down to 1025 level..and at that point we would know, if market can make anothe swing high or the rally is hold on to your seat folks, for wind may be a-changing...

jeff said...


To follow-up from Friday, I intend to follow Elliott Wave on this. That is, we have finished the first 5 wave down and today's run is the first leg of Retracement A-B-C. I think this retracement will end between 1066 and 1080. The first number would roughly represent the bottom of the S&P trendline since March. The second number represents the September highs and would represent a neat head and shoulder top.

Interesting to note that the S&P chart pattern has been following the XLU chart pattern almost to a tee. XLU chart broke down a few weeks ago.

Wags94596 said...

The Euro is blasting higher once again and all of the Dollar bulls are sadly mistaken. I went long a bit on Friday and bought more energy and commodity related stocks this morning. Euro at 148.26 and once again bouncing off of the 40 day MA just as it did in early October and early September and every month since May.