Wednesday, May 25, 2011

Guesstimates on May 25, 2011

June S&P E-mini Futures: Today's range estimate is 1306-1318. I think the drop from 1373.50 is scraping bottom and that a sustained up swing to 1400 and above is about to start.

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 is headed for 137.00. Resistance is at 143.50. 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 now is at 82.45.

July Crude: It looks like the trend is 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: Downside target is 1430. Resistance above the market is 1530. I think that gold will trade above 1600 during the next few months.

SLV - July Silver: Support in silver is at 31.50. The market should rally to 41.50 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.


George Rahal said...

Good morning, Carl. I know that you have stated that you are not big on Elliott Wave, but also that you have studied it. I think you'd find this analysis worthwhile:

Essentially, it argues why the drop from 1370 was an a-wave in an a-b-c correction.

I am bullish out a few months, but I also think this corrective period will take more time to resolve.

Adsense said...

Hey carl
today marked the 1st day of the may 25 to june 1 time band for a low . i have to take a bullish stance yet i also have to admit that the spx did not complete what i have been calling point 28 down to the 1290 price area . lightly bullish from near the open this morning yet not convinced we saw the bottom at this junture . a bounce is due to peak near june 15th . there is a low to low to high count along with a bottom to top to top count the week of june 20th
( weekly chart ) that time band should at a minimum be a short term top with a low due july 1
we will see how this plays out soon enough . lightly bullish as of this mornings first hour of trading .
good luck

Erist said...

Ηey Carl,

Greetings from Greece.

Do you still think SLV is headed for 31.50 before making a 41 hit by July?

Theres been a significant breakup,bouncing downwards from the 50day average though.

What do u think on this?

Keep up the good work.