Tuesday, March 17, 2009

Guesstimates on March 17, 2009

June S&P  E-mini Futures: I again expect a day session range of about 25 points today with a high near 760 and a low near 735. This market will probably drop into the 725-30 zone over the next couple of days before resuming its move to 840.

QQQ: The 26.00 level is still support and I think the Q’s have started a move to 35.00.  

June Bonds: I think the long term trend in the bond market is now definitely downward. Next downside target is 117.  

June 10 Year Notes: I think a bear market in the notes is underway. Next downside target is 118.

Euro-US Dollar: The euro is headed down to 122.50. Resistance above the market is at 130.50. If this is broken substantially the market will probably head for the 141.00 level.

Dollar-Yen: The yen has nearly reached the 100.00 level. There is as yet no indication that the move up from 87.00 is over, so I now estimate that the yen will reach 104.00 before a substantial reaction begins.   

April Crude: The 30-35 zone is long term support. The 50.00 level is resistance. I think the market has started to stabilize.

GLD – April Gold: I think the market is now headed below 700. Resistance above the market is at 945.

SLV - May Silver: Silver is still holding 1240 support but I think this level will soon be broken.  If it is the market will be on its way below 800.

Google: I think that its drop from 747 is over. Support is at 290. Next upside target is 410. 

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