Wednesday, November 13, 2013

Guesstimates on November 13, 2013



December S&P E-mini Futures: Today's range estimate is 1747-60. The market has been unable to establish itself above the high of Friday’s rally. It looks now like the ES is headed back to Friday’s 1736.50 low. A close below there would be very bearish, especially in light of the bearish behavior of the advance-decline line since its October 29 top.
QQQ:  Support is at 80. A close below there would be very bearish.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The Euro broke below 1.3400 but so far has put in only one close below that level. However, resistance above the market is at 1.3500 and as long as the Euro doesn’t spend much time above there I will stick with my 1.28-1.30 downside target
Dollar-Yen: The dollar-yen is headed for 107.00.
December Crude:  I think crude is headed back to 86 and possibly lower than that.
December Gold:  The market is now headed below 1200.
December Silver: The market is now headed for 15.00.
Google:  Upside target is now 1150 and support beneath the market stands at 970.
Apple:  Upside target is 565 but a close below 510 would mean that AAPL is headed back to 400 or lower.
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1 comment:

  1. Adsense11/13/2013 05:24:00 PM

    Hey Carl
    Ill keep it simple
    i still think the market indexes
    put in a top in January .
    my bias is this is all one larger
    3 peaks domed house pattern.
    points 21 and 22 were this years sideways movement . ( pts 19-23
    are typically 5 wave moves )
    1 2 3 ( 4 was this years sideways move on Dow , labeled pt 22 )
    the 15990-low 16,000 would be the point 23 peak . the initial drop should then be back to the Oct lows .i should add that a typical
    bear market from what i have researched usually begins with the prior years November lows being
    breached . it all fits very well .
    we will see soon enough.
    for now i am remaining bullish in the bigger picture yet intend to lighten up on longs from mid DEC into early January .
    i posted a chart showing the typical rally legs since the march 2006 lows along with the 3 peaks count ( timing fits )
    hope you find it helpful

    http://www.tradersaffiliates.com/WEEKLY%20UPDATE.htm

    good luck
    Joe

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