June S&P E-mini Futures: I still think that the market will drop into the 1030-40 range before turning upward. My range estimate for today is 1050-1080. Once the low has been established I think the ES will begin a rally that will take it to 1300 and higher.
QQQ: Support stands at 42.40. A move up to 54.00 will be the next big swing.
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: The market is starting to stabilize. The 131 level is resistance. Support is at 122. I think a move to 140 will begin from current levels.
Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.
July Crude: I still think the next big move will take crude oil to 50.00.
GLD – June Gold: The odds are that the market will continue upward to 1320. I still expect to see 875 before 1400. Support stands in the 1160-70 range.
SLV - July Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.
Google: The 450 level is now support. A move that should take GOOG above 700 will begin soon.
Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.
7 comments:
Carl,
This week is going to be a big test for you. If you come through right with this guesstimate (S&P coming back down to 1030-1040), that will turn a lot of naysayers from last week into some of your big believers. Time will tell
Good luck!
Aarpenn
The market is very unpredictable right now.
It's still oversold, so it can easily go up to 1120. But what it does afterward is anybody's guess.
I've read on the weekend that if the market falls below the key support of 1050, then there's little in the way before it goes to 980 and 940.
I personally think that it's correct, if this rally that started Friday doesn't have legs and selling resume we'll drop another 100 points.
I suspect that we could be headed lower,much lower at the end of this week.Most people in my SM trading universe will not feel comfortable holding SM positions during the long weekend. Full Moonish thursday/friday.
Other secular astrological changes that are to many to list that are translating to the infamous cardinal climax.
But there are going to be some extraordinary super ball style bounces coming that will turn the
majority of the Bears into road kill.
I am better at shorting then Longing so this is why I read Carl.
Does Carl need more believers?
went short @1084,81 after getting your guess estimates.You corrected me today as I was expecting 1096 on more massive short covering.
1030,1040 sounds reasonable,below that
seems unreal.
You play Jesus in my trades.
Thanks Sir!
If we get no MOMENTUM/FOLLOW -THRU from last Friday's pop (say by the end of day), look out below.
Terry Laundry is bearish. Carl references him on this board.
ES is headed to 1110 by tomorrow..then i will make a call if another sell off to 1020 is in the cards
200 SMA is still pointing up..listen to it..
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