Wednesday, April 28, 2010

Guesstimates on April 28, 2010

June S&P E-mini Futures: Today's range estimate is 1174 - 1189. A swing to 1270 should begin from a low near 1175 today or tomorrow.

QQQ: A move up to 54.00 is underway.

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. It now looks like the drop from the temporary high at 630 will continued down to 505.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.


John said...

Mr. Futia, isn't the scenario you posted yesterday more likely to happen instead of making another new low today? Keep in mind that Trichet and Merkel will probably announce today the rescue package for Greece...

extrader said...

I am starting to see signs of economy slowing... Copper is down to 3.46 from a high of 3.65... That is a pretty big drop and I would say Copper is a pretty good indicator of the economy!

Win said...

I bow before you, O master. The /ES turned around obediently at 1189.6 and plummeted. I happened to be around and was contemplating going short just then, but was just a minute too late. Incredible.

Win said...

Resistance for Silver is actually at 18.5. Gold might be moving above 1170 resistance. If it can close over 1170, next stop should be 1200+. Silver is torn because Copper (Industrial metals) is pulling it down, while Gold (Precious Metals) is trying to pull it up. Looks like Copper is winning the tug of war today.


straightshooter1000 said...

You don't need to bow, just go to the donate tab and show your appreciate there.

Chip said...

Hello Carl,

With gold at $1175 do you still see a drop to $875?