Wednesday, November 06, 2013

Guesstimates on November 6, 2013

December S&P E-mini Futures: Today’s day session range estimate is 1762-74. The market reached the lower edge of the 1775-1800 target zone last week but the subsequent reaction has been brief and shallow. This is bullish behavior and reinforces my assessment that the market shows no sign of a top yet. Only a drop below the 50 day moving average by two of my three trend indicators (Dow, S&P 500, and the advance-decline line) would turn me bearish.
QQQ:  The Q’s have been much stronger than the other averages. Support is at 75. Upside target is still 86.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The Euro is headed for 1.4000. Support stands at 1.3400.
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 960.
Apple:  Upside target is 565.

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