Wednesday, January 23, 2013

Guesstimates on January 23, 2013



March S&P E-mini Futures: Today's day session range estimate is 1480-91. It seems likely that the ES will rally to 1546 during the next few weeks.
QQQ:  The Q's are now headed for 73.
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 upside target is 1.35. Support is at 1.2670.
Dollar-Yen: I think this bull market has a lot further to go, probably to 96 or so.
February Crude:  I think this market is headed for 70 and lower. Resistance above the market is at 95.
February Gold:  A repetition of the size of the last rally would put gold up to 1715. Any more strength than that will mean that the longer term trend has turned up.
March Silver: The last rally in silver was about 350 points. A similar rally now would put the market up to 33.30. Any more strength than that will mean that the longer term trend has turned upward.
Google: There are several old tops in the 640-670 range which should be strong support for a move up to 800 and higher.
Apple:  During the current rally in the averages AAPL has underperformed the market and GOOG. Longer term downside target is now 350. Meantime resistance above the market is at 565.

2 comments:

Graph1159 said...

Hi Carl,
I have found what appears to be a mini three peaks domed house on the Dow and S&P charts. The three peaks were in September-October, then the separating decline into the November low. Point 14 was on December 31. This pattern would fit well with a top around 1546 followed by a steep correction.

Tseten Namgyal said...

Any thoughts on if the market will continue rally for rest of 2013 ?