Monday, November 28, 2011

Guesstimates on November 28, 2011

December S&P E-mini Futures: Today's day session range estimate is 1170-1192. The weekly bar trend is downward. The minimum downside target is 1130. There is a good chance that the October 4 low will be broken also.

QQQ: Now headed for 50.

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 has started a move to 4.50%.

Euro-US Dollar: 1.3050 is now the downside target. After a rally from that level the Euro will probably continue downward to 1.2200.

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

January Crude: An extended upswing is underway. It will probably take crude to 114 or so.

GLD – December Gold: I think gold is headed for 2100. Short term support is at 1675.

SLV - December Silver: I think silver is headed for 50.00.

Google: Google is now headed for its 2007 top near 750.

Apple: Upside target is now 475.


Graph1159 said...

What holds me back from saying that the low is in is that the correction from 10/27 looks like an ABC zigzag, and perhaps today's rally is Wave 4 of C. The last significant rally was a 40 point bounce. If we can get strength above 1200 on the S&P 500, then we will have exceeded the size of the last failed rally and also have cleared resistance in the 1195-1200 zone (the point of the 10/18 low. So in that case, I would become bullish again.
Until we see that, though, I am short term bearish and think that a drop to 1140-1150 is a significant possibility.

Edwin said...

The pathetic volume says traders are fed up by the chopping action.

I am OK with standing aside and wait for concrete political decisions before making my next sizable bet on anything..