September S&P E-mini Futures: Today's range estimate is again 1055-1075. A new upward leg in the bull market has started from the 1003 low. Initial target is 1100 or so
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 at 87.00.
August 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 - July Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.
Google: The 430 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.
4 comments:
Extreme chop here from my read. Carl this is a tough one to trade.
The drop which began on April 26 appears to have ended on July 1. The new uptrend has started out with a bang. Today should end positive with GOOG closing near 475. Monday through Wednesday warrant some backing and filling, then up it goes.
Revised forecast for next week. Monday opens flat and after an initial flush out goes on to be a significant up day. Tuesday through Thursday consist of backing and filling in preparation for the next move up.
Carl, have you ever back tested your Guesstimates for accuracy percentage ? I mean you are really accurate on those calls. Thanks.
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