Tuesday, August 26, 2008

Guesstimates on August 26, 8:20 am ET

Spiders - September S&P E-mini Futures: I have no position at the moment, but I expect to get long again near 1250.  This market will probably drop into the 1240-50 zone before it heads up to 1340. I still think we are in the early stage of a move to 1500. 

QQQ: Support is at 46.00. I think the Q’s are about to take a step up to 51.00. During the next few months the market should rally to 55 or higher.   

TLT - September Bonds: The bonds have reached resistance near 118-28 and should soon turn lower.   

September 10 Year Notes: The notes are headed for 117-20. 

Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is at 150.00. 

Dollar-Yen: The market should reach the 112.00 target soon. Support is now at 106.00. 

XLE - OIH - USO – October Crude: I think that the market is headed for 100. The 122 level is resistance. 

GLD - December Gold: Gold is headed for 700.  Resistance above the market is at 840. 

SLV - December Silver: Resistance is at 1500 and the next downside target is 1100. 

Google: The 460-80 range is good support and I think this market is in the early stages of a move which will carry it over 750. 


Anonymous said...

I read your blog pretty much every day and enjoy your posts. If the S&P breaks below 1265, it looks like it could go well below your entry point. I reccommend checking out slopeofhope.com today for an analysis.

Anonymous said...

having done my prep work, it is clear that something big is brewing in the spy based on the geometry. please do not be lulled into thinking that the week is going to end quietly if tomorrow opens quietly and wanders up for a few hours.. that would be the most bearish.

Anonymous said...

Hi Carl,

For Wednesday, I would need a close below 1266.00 for a sell signal.


Kindest regards,