Monday, July 21, 2008

Guesstimates on July 21, 8:15 am ET

Spiders - September S&P E-mini Futures: The futures are nearing the 1275 level but it still seems to me that the market can rally for a good part of this week before a drop 40-50 points begins. I think we will see the 1290 level before any significant reaction develops. I also think the market is in the early stages of a rally which will carry it to 1500 over the next several months. 

QQQ: Support remains at 44.00. Resistance stands at 47.50.  During the next few months the market should rally to 55 or higher.    

TLT - September Bonds: The trend has turned downward once more and the bonds are headed for 109. 

September 10 Year Notes: The trend has turned downward and the notes are headed for 108.   

Euro-US Dollar: I think the market is on its way to 163. Support is at 155.80. 

Dollar-Yen: The yen is headed for 103.50.  From there the rally to 112.00 will resume.   

XLE - OIH - USO – August Crude: Crude broke below 133 support so I think that it is now headed for 100. The 133 level is now resistance. 

GLD - August Gold: I think the market is headed back to 1000. Support is at 935. 

SLV - September Silver: I think silver is the way to the 2100 level. Support is at 1750. 

Google: The 460-80 range is good support and I expect the market to hold there and begin a move which will carry it over 750. 


Anonymous said...

Hi Carl,

We are now on our way to higher markets. Although there is no guarantee we will ever reach any particular higher price level, I find there are five main higher level price pressure points where we can expect selling pressure to enter the market aggressively, according to my model. Basis the September contract, they are 1292.70, 1317.70, 1405.20, 1456.20, and 1563.10 (give or take a small handful of points). These pressure points are highly significant and worth noting here for later reference. As we roll into the December contract I will revise these figures for that contract, if needed.

Thank you.

Kindest regards,


Anonymous said...

Dear Mr. Futia:

I was reading REMINISCENCES OF A STOCK OPERATOR over the weekend, and I must admit that your style reverberated through the pages I was reading. What a great book! I understand what you do that much more now. You blog is appreciated.

Thanks for your daily postings.

Rick M.