Thursday, May 10, 2012

Guesstimates on May 10, 2012

June S&P E-mini Futures: Today's range estimate is 1357-1370. It now looks like yesterday morning's drop below the Sunday night low at 1342.50 was a shakeout. I think the ES is headed for 1370 today and I also think the odds favor a breakout above that level tomorrow and next week. If that happens I will abandon my 1320-1330 target range and conclude that yesterday's low at 1339.25 ended the drop from 1419.75.
QQQ:  Downside target is 62.50.          
TNX (ten year note yield):  The 10 year yield has drifted back into its recent multi-month trading range. I still think that the 10 year yield has started a move to  3.00%.  
Euro-US Dollar: The Euro has rejected the 1.3300 resistance level. The market is headed for 1.2600.
Dollar-Yen: The yen has decisively broken below support at 81.00. This means that the market is headed for 75 and lower.
June Crude: Support at 100 has been decisively broken. It looks like the market is headed  down to  75.   
GLD – June Gold:  Gold has reached the 1585 downside target. However I think the market will pay a visit to the vicinity of the September and December low points at 1544 and 1529 before another up leg starts.  
SLV - July Silver:  Support at 28.50 has been reached. But I now think the market will pay a visit to its December low at 26.27 before reversing.
Google: Google is now headed for its 2007 top near 750. Support is at 590.    
Apple: AAPL is headed for 520. From there  a move above the 644 high will start. 

1 comment:

twhite said...

There seems to be a minor typo in the Gold comment. It should state 1585 and not 1385.