Thursday, May 26, 2011

Guesstimates on May 26, 2011

June S&P E-mini Futures: Today's range estimate is 1315-1330. I think the drop from 1373.50 has ended 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.


dave said...

SPX is following a very bullish Andrews line to the tick. (In Dow terms, its looking like a 900 point rally in the next 20 trading days?)

Chart here:

dave said...

Sorry Carl, this is the chart I meant to post...


Joge said...

i think the best this market can do today is 1328