Tuesday, March 31, 2009

Guesstimates on March 31, 2009

June S&P  E-mini Futures: I think today’s range will extend from 800 down to yesterday’s low near 775. I also expect the market to continue this reaction until it reaches the 750 level. Once this reaction is complete I shall be looking for a move to 900. QQQ: The 29.00 level is support and I think the Q’s are headed for 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 115.  

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: The reaction in the euro should end near 131.00. I still think that the euro is headed for the 141.00 level.

Dollar-Yen: Then yen is headed for the 104.00 level.    

May Crude: I think May crude is on its way to the 58.00 level.  

GLD – June 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. 

1 comment:

PM said...

Hi Carl,

I believe the rally has resumed as of late yesterday afternoon. If the low of this pull back is in as of yesterday, then I have the next overhead resistance scheduled at 858.20, give or take a few ticks.


Kindest regards,