Friday, November 02, 2012

Guesstimates on November 2, 2012



December S&P E-mini Futures: Today's day session range estimate is 1423-34. The ES looks like it has climbed back above resistance at the 1419.75 level formed by the March 27 top. If it stays there for the rest of the day I will turn bullish and start looking for a rally to new highs for the bull market.  
QQQ:  Downside target is 61 but the S&P action is casting doubt on this.
TNX (ten year note yield): Bond yields are going much higher as the market begins to anticipate stronger economic growth. The first upside yield target for the 10 year is 2.50%.
Euro-US Dollar: The ECB and the Fed are following polices which will move the Euro to 1.40 or higher. Next resistance is 1.3350. Support is at 1.2750.
Dollar-Yen: This market is headed for 75 and lower. At some point the JCB will have to support the yen but this probably won't happen until the 75 level is reached.
December Crude:  I think this market is headed for 70 and lower.
GLD – December Gold:   I think gold is headed for 2300.
SLV - December Silver: I think silver is headed above 50.00.
Google: There are several old tops in the 640-670 range which should be strong support for the next move up to 800 and higher.   
Apple:  The downside target is 560. Resistance above the market is at 638.

7 comments:

Ivan said...

Hi Carl,
why didn't you publish my comment yesterday? Yes, new highs are coming.

Carl Futia said...

It's possible your comment was accidentally deleted. Post it again and I'll publish it.

Ivan said...

OK,till November 23/27, stocks will make new highs, eurusd to 1.3350-1.35, audusd to 108-109. Most likely, final top.

charlie said...

spx...wave 2 is done or max one more push up to 1440..i think 3rd wave is coming..target 1300..it could be nasty november

Brent Cohen said...

Yikes, looks like 1300 was right after all.

mike said...

does one day close really change from bear to bull? maybe it is too soon to make a prediction if one day or tomorrow or the next day can change your outlook so dramatic. i guess this is why turning points are so difficult to predict.

Win said...

Carl,
$SPXEW (or RSP) and $TRAN are suggesting more strength. I think we make a lower low on the SP500 Monday or Tuesday, with positive breadth divergences. This could be followed by a move up to the 1470-1500 zone. All the best,