Wednesday, April 03, 2013

Guesstimates on April 3, 2013

June S&P E-mini Futures: Today's day session range estimate is 1560-70. Yesterday’s advancing issues number was very weak and bearish divergences abound in my breadth of the market oscillators. The ES is trading in the upper region of a long term resistance zone between 1546 and 1587. I think a big break is likely to start within 10 days or so. But for the moment there is no market action which suggests that a top is in place.
QQQ:  The Q's are 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 euro is scraping bottom for this reaction. The next significant move should be upward to 1.40.  
Dollar-Yen: I think this bull market has further to go, probably to 100-01.
May Crude:  As long as crude does not spend much time above 100 I will stick with my view that it is headed below 70.
June Gold:  Support is in the 1530-50 zone lows of this trading range
May Silver: Support is at 26.00.
Google: Now headed for 950.
Apple:  Longer term downside target is 350 and near term support is 390. Meantime resistance above the market is at 480.

1 comment:

Bill said...

Small caps have not kept pace this week with the Dow and s&P 500. They were down 1.3% Monday while the S&P was only down 0.5% and then yesterday they were down 0.6 % while the S&P was up 0.4%. This divergence is noteworthy as well as like you mentioned the market went up yesterday while declining issues outpaced advancing issues. If we add to this that Australia, Canada, and Europe all peaked a few weeks ago you've got a third divergence there. Like you said Carl a big move to the downside may be in the works.