Wednesday, May 06, 2009

Guesstimates on May 6, 2009

June S&P  E-mini Futures: The e-minis have pushed past 903 midpoint resistance this morning on the ADP employment report. The market is starved for any sort of news which it can take as bullish – a sign of an ongoing up trend. I am estimating a range of 895-915 for today. I still think a break of 20-40 points is imminent. Once the reaction is complete I think the e-minis will rally into the 950-80 range.

QQQ: The market has reached the 35.00 target. Support is still at 32.40. Next upside target is 39.90.   

June Bonds: I don’t think the longer term bearish picture has changed. Next downside target is 115.  

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

Euro-US Dollar: The euro moved above 133.35 resistance and this means that it is headed up to 140.00.  

Dollar-Yen: Then yen is headed for the 104.00 level.  Support stands at 95.55.  

June Crude: I think 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 - July Silver: Silver is headed for 750. Resistance is at 1350.

Google: Support is at 360. Next upside target is 450. 

2 comments:

rc said...

FWIW Carl.......Usually Weds make a little low around 10:30 then rally into 12:30 to 1:00. Then an hour or so drop before rallying back higher again into the close.

Josh Simpson said...

Hi Carl - I just found your blog about a week ago, and it has absolutely become a must-read for me every day. Your reasoning is very easy to follow, and you are providing a wonderful service for novice-apprentices like me. Thanks so much for posting your thoughts. And Ron, wow, nice call today. Your read on the rebound at the end of the day today helped me quite a bit! Thank you as well.
Josh