March S&P E-mini Futures: Today's day session range estimate is 1341-1350. I thought a reaction had begun Friday but the market has completely recovered Friday's drop so I am agnostic on this point now. But any reaction would only be a reaction within a larger bullish trend. A rally from the November 25 low at 1147.50 which matches the size of the October rally would bring the ES to 1370.
QQQ: Looks like the market is bouncing off of resistance at 63.
TNX (ten year note yield): The 10 year yield has started a move to 2.50%.
Euro-US Dollar: The rally from 1.2623 should continue to 1.3540 before the market turns down once more. Meantime support is at 1.2940.
Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.
March Crude: An extended upswing is underway. It will probably take crude to 114 or so.
GLD – April Gold: A move to 2100 is underway.
SLV - March Silver: I think silver is headed for 50.00.
Google: Google is now headed for its 2007 top near 750.
Apple: Next resistance is at 545.
4 comments:
I love your daily guesstimates Carl! I am a fellow S&P e-mini trader myself, so I find them easy to appreciate.
dull
Carl,
Based upon the last few days, I think the reaction might just prove to be consolidation. Also, I trade individual equities. A lot of individual issues are still popping higher, taking a breather for a few days, and then popping some more. Look at the shippers -- DRYS -- for instance. It is their turn now. This is typical bull market action.
I am not a EW guy, but this appears to be Wave 3 of a move that began in early October.
Next resists at 1365 Dec CH high, followed
by 1371 ‘11 peak..
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