Thursday, October 20, 2005

Guesstimates on October 20, 8:50 am ET

December S&P Futures: The 1199 level is still resistance .  A move as high as 1206 would make it likely that the 1172 low last week ended the drop from 1250. Until then I think there is a good chance that the market will yet make it down to 1159 before the big rally I am expecting begins.

December Bonds: The bonds are holding above the 112-00 to 112-08 support zone.  Minor resistance is at 113-08 and strength above that level would be very bullish. I still think a strong rally into the 121-123 range will start soon.

December 10 Year Notes: The last minor top was at  109-11 and strength above that level would be very bullish. I think a big rally lies just ahead.  

December Eurocurrency: The 121.80 level is still resistance and the next low should be in the 117.50 to 118.50 range. After that a rally to 124 is likely.

December Crude: I still think prices are now headed to 59.00.

December Gold: The market’s should hold support at 463 and then rally to 492.

Google: Support is now at 292. The bull market in GOOG is far from over and a move above 320 will be the next big development.  


deapp said...

I'm sorry what happened to prices going to 55?

deapp said...

If the price of crude reach 55-54 by 10/24-25/05, from the 8/30/05 high it would be on a 360 price/time degree angle based on Futia angle projector. 55 is at 180 degrees on the gann square. Can the market reach 55 by the 24th? Don't know because divergance in the daily MACD histogram and double bottom in the RSI oversold indicators are very stronge for a correction.