Tuesday, June 28, 2011

Guesstimates on June 28, 2011

September S&P E-mini Futures: Today's day session range estimate is 1274-92. I think the drop from the May 2 top at 1368 (Sept contract) ended on June 16 at 1252.25. My advancing issues oscillators are still oversold and are showing bullish divergences. Sentiment is still very bearish. A sustained swing up to above the 1400 level is underway.

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 closed above 142.60 in New York yesterday so I now think the market is headed up to 150.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 82.45.

August 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. I expect a recovery above that level this week, but failing that a move to 440 will be in the cards. 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.

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