Friday, January 22, 2010

Guesstimates on January 22, 2010

March S&P E-mini Futures: Today's range estimate is 1100-1118. This corrective phase will probably end near 1090. Once it is over I expect to see the ES trade up above 1200 during the subsequent couple of months.

QQQ: Support is at 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: Resistance above the market is at 146.50. The next swing downwards should carry to 137.50. Looking further ahead I think that a drop to 125 is likely over the coming months.

Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.

March Crude: Crude has rallied more than I expected but I still think the next big move will be downward to 50.00.

GLD – February Gold: The longer term trend has turned downward. I expect gold to drop to 875 over the next few months. Resistance above the market is now at 1170. Any strength above that level would mean that the market is instead headed for 1250.

SLV - March Silver: I now think silver has started a down move that will carry it to 10.00 over the next few months. Resistance above the market is at 19.40.

Google: Next upside target is 660. Support is now at 545.

2 comments:

bri said...

carl,
why do you believe goog will go to 660?

Teich said...

Since ES traded approx. 15 points below Carl's daily estimated range two days in a row, I wonder if this correction is stronger than he initially thought? In other words, I am not sure that we bottom at ES 1085-ish.