Thursday, May 06, 2010

Guesstimates on May 6, 2010

June S&P E-mini Futures: I estimate today's day session range will be 1148-1168. I think a swing to 1270 will begin soon.

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 near 131.00 has been broken. Next downside target is 124-125. 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. Resistance is at 1187. I expect gold to drop to 875 over the next few months.

SLV - July Silver: I think silver has started a down move that will carry it to 10.00 over the next few months. Resistance is now 19.00.

Google: The 495-505 zone is support. A move that should take GOOG above 700 is underway.

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

5 comments:

PM said...

Hi Carl,

My initial lower price of 1161.70 was hit yesterday, but we traded below that price this morning once again. If we continue lower from here, my next lower support price is 1065.20, that's quite a way from here, another 100 SP points.

However, I suspect this morning we just witnessed the final shakout before a rally. This is just a guess, but based on my model we should see a rally begin around this current level.

Thanks.

Kindest regards,

PM

Bill said...

A rally is imminent, but it won't go to 1270 IMO. The most it'll get is to retest this year's highs and then fall from there.

PM said...

Hi Carl,

Well, so much for that rally today. It looks like this market is going much lower now.

Thanks.

Kindest regards,

PM

Wags94596 said...

We need one more drop ( in progress ) from yesterday's high at 1175 SPX which takes us down about 23 points, (which was the length of the first wave down) to complete this corrective sequence before a major rally ensues. That would target 1142 SPX.

Kishore said...

Carl, the low was 1048.50. You were off by 0.50. Can't you be more accurate?!

Carl, your estimates are awesome!