Tuesday, June 21, 2011

Guesstimates on June 21, 2011

September S&P E-mini Futures: Today's day session range estimate is 1276-90. I now think the drop from the May 2 top at 1268 (Sept contract) ended on June 16 at 1252.25. My advancing issues oscillators are oversold and are showing bullish divergences. Sentiment is very bearish. A sustained swing up above the 1400 level will be the next significant development.

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 Euro is headed down below its recent low to the 137.50 level. Resistance above the market is at 144.35.

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. Next target is 87.00.

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 has dropped below 495 support but it would have to spend several days below there before even lower prices become likely. I still think that the next big development will be a move to 700 and above.

Apple: APPL has reached support at 318 and now should begin a move to 430.

1 comment:

Bill said...

The advancing issues oscillators are not oversold any longer. Both the Nasdaq and NYSE McLellan oscillators are neutral at zero http://stockcharts.com/freecharts/McSumNYSE.html As a matter of fact after today the oscillators will be in an overbought condition! This is the nice thing about divergences it allows a martet to get itself out of an oversold condition without advancing too much.