September S&P E-mini Futures: Today's range estimate is 1045-1065. The drop from last week's high at 1099 should end today or tomorrow. I still think that a new upward leg in the bull market started from the 1003 low.
QQQ: A new upward leg in the bull market has started. Initial target is 47.50.
TYX (thirty year bond yield): Long term support is at 3.85%. The bonds will soon begin a move to 5.40%.
TNX (ten year note yield): Long term support is at 2.90%. I think that the notes will soon begin a swing up to 4.50%.
Euro-US Dollar: A move into the 135-40 zone is underway.
Dollar-Yen: A rally to 100.00 is underway. Support is now at 85.50.
September Crude: I still think crude oil is headed for 50.00.
GLD – August Gold: The odds are that the market will continue upward to 1320. But any weakness below 1150 will mean that a drop to 875 has begun.
SLV - September 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.
2 comments:
Beautiful Guess Estimates Like Always!1052 strong buying point and 1065 was best to go short...Amazing!
US Futures/Europe were both flattish until ~5:30am before selling pressure picked up. No
clear reason for the weakness – few weak #s out of US last night/Europe this morning (TXN, IBM, TUP, C&W, Alstom). The Hungary bond sale is being described in the press as a disappointment. On the financials, there is some disappointment ahead of GS.
Europe trading: selling pressure in the industrials and financials. Alstom is off 2% post earnings. Philips extends its selling pressure (rptd disappointing earnings Mon morning).
AXA, SocGen, Agricole, and Generali are among the weaker financials. On the upside, NOK is up 3% following WSJ article talking about the co searching for a new CEO. In London, C&W is off 17% after today’s weak profits warning (this is weighing on telcos across Europe – BT, Telecom Italia, etc).
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I would have to agree with Carl and think that todays low is the end of the pullback and we go up from here. In my estimates it is a 38% Fib retracement and also the 3month chart of SPX looks like an inverted H&S pattern is forming.
June 8 = L Shoulder
July 2 = Head
Today = R Shoulder
If market holds here and we go up past 1066... think we go eventually higher than 1100!
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