Tuesday, October 04, 2011

Guesstimates on October 4, 2011

December S&P E-mini Futures: Today's day session range estimate is 1055-1095. The ES traded at its August low of 1071 this morning, but I don't think the drop is over yet. Next support is at the August 2010 low of 1037.

QQQ: Now headed below 50.00.

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 at its historical low but will soon start a move to 4.50%.

Euro-US Dollar: The Euro is approaching support in the 1.30-1.31 range. Resistance above the market stands at 1.3550. The euro is likely to drop to 1.20 over the coming months.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

November Crude: The market is now headed for 55-60.

GLD – December Gold: Gold bounced off of support at 1550 but should hold resistance at 1670. Next downside target is 1400.

SLV - December Silver: Silver is now headed for 25.00.

Google: Downside target is 375.

Apple: Upside target is 435 was nearly reached. An extensive downtrend is underway. Support is at 345.


BH_Trade said...

so bad its good. aug low stop run happened. time to rally

catherine said...

Famous last words but eur usd looks well supported here at 1.3170 area.
It had plenty of reason to go down this morning and did not.
Bigger pic, think it goes a lot lower but wouldnt be short here.

Bill said...

Carl, do you still think the market bottom will not be hit until the first half of 2012? Or do you foresee the bull market resuming earlier than that? The ES is trading in bear market territory right now.


turtle said...

Carl, you have been remarkably adaptive to this difficult environment.
Congratulation on one of the most consistent and accurate analysis of the markets.
WHAT a treasure of information.
Thank you for your great website.