Tuesday, May 28, 2013

Guesstimates on May 28, 2013

June S&P E-mini Futures: Today’s range estimate is 1658-72. It now looks like last week’s 1632.75 low will hold and that the market is headed above the 1700 level. In any case the 1574-1587 zone defined by the 2000 and 2007 bull market tops is strong support.
QQQ:  Next upside target is 76.50.  
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 still trading below it 20 day moving average but is trying to reestablish itself above 1.2920 support. If it succeeds I will turn bullish again but in the meantime the downside target remains 1.2400.
Dollar-Yen: I think this bull market has much further to go.  Support is at 99. The current leg up should carry the market to 108 or so.
July 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:  I think gold is on its way to the next downside target at 1200-50. In any case there is strong resistance above the market in the 1520-30 breakout zone.  
July Silver: Initial downside target is 20.00 while resistance above the market is at 27.00.  
Google: GOOG has reached and exceeded the 900 target. Support is at 800 and I think the next step up will carry GOOG to 975.
Apple:  Next downside target is 350. Resistance is at 460.

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