Tuesday, May 10, 2011

Guesstimates on May 10, 2011

June S&P E-mini Futures: Today's range estimate is 1345-57. The ES is headed for 1400 and above over the next few months.

QQQ: Upside target is 63.00.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: The market broke support decisively on Friday. This means that it is headed for 137.00. Resistance above the market is at 147.50. I still think it is likely that it will reach 150 and above during the next few months.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 81.80.

June Crude: It looks like the trend is now downward. Support is at 94 and I think the market will rally to 106 or so before another down leg develops. That subsequent down leg should carry crude down to 88.

GLD – June Gold: Gold will rally to 1530 and then drop to 1430. I think that gold will trade above 1600 during the next few months.

SLV - July Silver: Support in silver is at 31.50. The 35% drop makes a downtrend obvious but it is nearly complete. The market should rally to 44.00 after hitting 31.50 support.

Google: GOOG is headed for support at 495 from which point the move to 700 and above will resume.

Apple: Next upside target is 410. Support is at 310.


Bill said...

In the short term there's resistance at 1370 that will trigger another 50 point drop. Longer term, agree it's headed to 1,400 and above.

Larry said...

Excellent analysis on the SPX once again Carl. Your forecast called for a 1345-1357 range in the S&P June contract. Today's actual low (after your morning post) was 1345.25 and the high for today's cash session was 1356.50.

Truly incredible. I plan to renew my subscription to your service shortly.