Wednesday, May 16, 2012

Guesstimates on May 16, 2012

June S&P E-mini Futures: Today's range estimate is 1329-1342. The ES reached the top edge of the 1310-20 target zone last night. I think the end of the drop from 1419.75 is imminent.
QQQ:  Downside target is 62.50.          
TNX (ten year note yield):  The 10 year yield is back to the low of 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: This 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:   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:  I 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. 


EP said...

end of the drop!

Adsense said...

Hi Carl
Im just noting the transports which have so far managed to hold the sideways pattern that both the spx and the dow has failed to do . so far we have 5 reversals which may count as points 15 through 20
looking at the oversold readings it is possible to consider the dow at point 20 also yet it does take some creativity to see it .the dow counts better as point 18 or point 16 yet ill give this possible point 20 some merit as long as we begin to see some strength soon
as for the spx weekly from an Elliott wave perspective , wave 4 probably complete or nearly so
wave 5 could be beginning . they both dove tail .
Just my thoughts