Tuesday, April 07, 2009

Guesstimates on April 7, 2009

June S&P  E-mini Futures: My downside target for this correction is 803. I estimate that today’s range will be 800-825. Once this reaction is complete the market should rally to 875.

QQQ: The 30.80 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: Support remains at 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.  Support is at 46.00.

GLD – June Gold: I think the market is headed below 700. Resistance above the market is at 915.

SLV - May Silver: Silver has broken 1240 support and is now headed for 750.

Google: I think that its drop from 747 is over. Support is at 340. Next upside target is 410. 

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