Monday, May 21, 2012

Guesstimates on May 21, 2012

June S&P E-mini Futures: Today's range estimate is 1291-1304. The ES has reached the level of the October 2011 top at 1289.25 and this should prove to be strong support. I think the end of the drop from 1419.75 is imminent.
QQQ:  Support now is at 59.50. The drop from 68.50 is nearly over and should be followed by a move to new bull market highs.          
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: The market is headed  down to  75.   
GLD – June Gold:   The market has dropped to the vicinity of the September and December low points at 1544 and 1529. I think a sustained up move is about to start.  
SLV - July Silver: The market is getting close to its December low at 26.27 where a sustained move up is likely to start.
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. 


MadMax said...

June Crude: The market is headed down to 75.

How do you think that a drop of 20 bucks on oil is compatible with the advance of the SP500 to 1420???

Carl Futia said...

oil prices are going way down longer term because big new supplies are gradually coming on line and because natural gas is supplanting oil in a lot of uses.

This lowers costs for consumers and businesses - very bullish for stock prices.