Tuesday, July 23, 2013

Guesstimates on July 23, 2013



September S&P E-mini Futures: Today’s range estimate is 1690-1700. The market is gradually moving past the 1680-85 resistance zone. It now looks like it will move well above 1700 before a break of more than 30 points can start. The ES is headed to my long standing target of 1775 and possibly higher over the coming months.
QQQ:  Upside target is 79.
TNX (ten year note yield): The upside yield target for the 10 year is 2.85 % but I think the market will move past this level to 3.50% over the next few months.
Euro-US Dollar: The market has put in three low points near 1.2800 and now has been trading for several days above its 20 day moving average. It looks like a move up to 1.400 has started
Dollar-Yen: The dollar-yen has held support at 94.50. The next upside target is 107.00.
September Crude:  Crude is stalling at 108 resistance.  
August Gold:  I think a rally of $200-300 is underway.    
September Silver: The 18.00 level is now support and a rally to 24.00 or so is underway.
Google: 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.


1 comment:

Andrew Stout said...

Hi Carl -
I appreciate very much your blog and had one question I was hoping to get some clarification. Let's saw we hit 1775 and that's the top, what is the potential downside for the market after that according to the box theory you follow?
Thank,
Andy