Wednesday, April 21, 2010

Guesstimates on April 21, 2010

June S&P E-mini Futures: Today's range estimate is 1197 - 1209. I think that the 1180 low ended the correction and that a swing to 1270 is now underway.

QQQ: A move up to 54.00 has begun.

TYX (thirty year bond yield): I think this market is headed for 5.40%.

TNX (ten year note yield): I think that the market has begun a swing up to 4.50%.

Euro-US Dollar: Support is near 131.00. Resistance above the market is at 141.00. 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.

June Crude: I still think the next big move will take crude oil to 50.00.

GLD – June Gold: The longer term trend has turned downward. I expect gold to drop to 875 over the next few months.

SLV - May Silver: I think silver has started a down move that will carry it to 10.00 over the next few months. Resistance is now 18.30.

Google: A move that should take GOOG above 700 is underway. 540 is now support.


Kishore said...

ES tested the high at 1210.50 overnight by touching 1210. This morning ES madeit up toonly 1207.50 before taking the current plunge to 1198.50.

Will it make another attempt TODAY to test the high or will it continue going down??

Everyone, please cast your pearls of wisdom, for TODAY!

TMG2010 said...

I believe the pivot pt is the 1200-1198 (S&P cash) to set the short-term direction up or down. I just went back to cash after a short position this AM when the cash S&P was at 1209.3 I am waiting to see what happens at the 1200-1198. Looks like Carl is doing the same. Dangerous right now until the market lets us know its intention...

Bill said...

I believe now a correction to be imminent.

Things are not the same since last Friday. The bull has been pierced in the heart. A correction or sideways movement followed by a correction is required to give the bull new life. The kind of market we saw up until last Thursday before Goldman is over. If Apple failed to move the market up today, nothing else can.

Very bullish long term, but in the short and intermediate term I'm bearish.