Friday, March 20, 2009

Guesstimates on March 20, 2009

June S&P  E-mini Futures: The e-minis dropped to 771 early this morning but have since rallied 12 points.  I am sticking with my daytime range estimate of 772-800 for today. The 840 level is still my target for this move up from 666.

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

June Bonds: I don’t think the longer term bearish picture has changed. Resistance above the market is 132-16. Next downside target is 117.  

June 10 Year Notes: I think a bear market in the notes is underway. Resistance above the market is at 125-20.  Next downside target is 118.

Euro-US Dollar: I believe that the euro is headed for the 141.00 level. 130.50 is support.

Dollar-Yen: Then yen will probably react to 94.20 and then head for the 104.00 level.    

May Crude: I think 40.00 is support for May crude and that the market is on its way to the 58.00 level.  

GLD – April Gold: I think the market is headed below 700. Resistance above the market is at 955. A close above the 960 level will flip me back to the bullish column and mean that a move to 1100 is underway.

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. 


Anonymous said...

carl do you get your supply shock yet??

Anonymous said...

i expect a sitback to 706 or lower in the SPX within 25-26 march before we can attempt to break above 803. The loss of severity in the last downswing is supportive but not enough to justify a clear turn in trend. MC

Anonymous said...

Hi Carl & Friends,

I'm expecting market to trade higher in the last 2 hours of trade. I'm expecting a HIGH for QQQQ around 30.40/30.60 and a LOW around 29.52/29.55.