Thursday, June 02, 2011

Guesstimates on June 2, 2011

June S&P E-mini Futures: Today's range estimate is 1307-22. The market's response to tomorrow's employment number will determine whether the low at 1302.25 holds or not. Even if it is broken I think the end of the break will be near 1290. I still think the start of a sustained up swing to 1400 and above is imminent..

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: I believe the 139.68 low will hold and that the market is headed back to 150.00 and higher. The midpoint of the drop from 149.38 is 144.53 and this will probably act as temporary resistance.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market 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 – August Gold: Gold appears on its way to new highs. Upside target is 1630. Support is at 1430.

SLV - July Silver: Resistance in silver is 41.50. An strength above 43.00 would mean that the market is headed above 50.00.

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...

I don't agree Carl about a move to 1,400 being imminent. The end of QE2 and a slowing economy puts any new highs out of the question for now.

dave said...

New Bull market highs are coming in late July on Venus trine Uranus.

Whats dragging stocks down now is partially due to the Saturn-Uranus opposition that just slipped into a bearish 6 degree orb.

George Lindsay tracked this Saturn-Uranus cycle as important.

Adsense said...

Hi Carl
i messed up by changing my thoughts . i originally called this point 28 yet timing changed my veiw . yesterday was the end of the window for a short term cycle low . the 1290 price area was the target and so far it has failed .
i have to stick to my cycles though and they are pointing higher into june 15-17th .
the lows on may 25th so far are being held in the nasdaq . the lows today would be 1 day following the june 1 window . the market is now more oversold then the march lows on some indicators
im smart enough to let the market tell me what its doing yet im also confidant in my own cycles work .
the only thing i can come up with is this market is changing its direction from up to down and yet most will only trade in one direction. the past few options expirations have been lows and my bias is this is also changing to more of the norm when they are up
this implies short covering in the june futures and many whome will hold put options will find themselves with losses come expiration day . this market based on yesterdays internal data should close up on the day today yet so far that is not happening .
bottom line : point 28 is done or nearly so and from counting from the april 18 low i can also call this point 10 from another 3 peaks domed house pattern . 12107 on the dow is key to the potential point 10. the cycle that began april 18 ends june 7th 8th , yet that cycle has very little to do with timing short term swings '
the next few days now matter

Adsense said...

Hey Dave
the sat uranus cycle ends reaches its extreme june 23rd yet the market tend to bottom 10 to 14 days later. this would imply an early july low . yet it is also a 45 year cycle which technically ended back in nov 2008 . this will be the last extreme for a very long time . my thinking from this is a june 15 high followed by a june 28- july 1 low . then a run higher into aug 15th . lower highs or higher highs on the markets im unsure of .
just my 2 cents .
joe said...

rally from Friday's lows to June 12th..don't see any new highs in the distant future..October, we should the real bottom-but the spx may have to climb some 350+ points to get back up to these levels.

Be out of this market come Juneth-especially if you see us rallying into that date (yes I know it's Sunday) so the high will either come that Friday or early Monday.

1250/1220 target in a very fast manner and then we should get round 2 of the deadcat bounce which drives the spx back up to the 1300's again-only to get squashed back down.

Our turn dates have been spoit on and we are looking long tomorrow at some point and will be fully short heading into that June 12th turn date. Good luck.. Marketspath

Suresh said...

Yep at the start of the big move down yesterday the S&P 500 triggered a signal that the next move up will have to exceed 1345.

Bhaskar said...

How so Suresh?
What signal you saw which others didn't.
This blog is like a broken record going on with the same theme without giving any reason.

Joge said...

Marketspath, have you been following this blog or you just found it? said...

following it joge