Wednesday, July 21, 2010

Guesstimates on July 21, 2010

September S&P E-mini Futures: Today's range estimate is 1075-1094. The drop from last week's ended at yesterday's 1050.75 low. The market is now headed for 1145-50. I think that a new upward leg in the bull market started from the 1003 low.

QQQ: A new upward leg in the bull market has started. Initial target is 47.50.

TYX (thirty year bond yield): Long term support is at 3.85%. The bonds will soon begin a move to 5.40%.

TNX (ten year note yield): Long term support is at 2.90%. I think that the notes will soon begin a swing up to 4.50%.

Euro-US Dollar: A move into the 135-40 zone is underway.

Dollar-Yen: A rally to 100.00 is underway. Support is now at 85.50.

September Crude: I still think crude oil is headed for 50.00.

GLD – August Gold: The odds are that the market will continue upward to 1320. But any weakness below 1150 will mean that a drop to 875 has begun.

SLV - September Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.

Google: The 450 level is now support. A move that should take GOOG above 700 will begin soon.

Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.

1 comment:

vs_trader said...

Markets have reversed in key short zone and I feel confident on the short side.

S : 1068-71
ST: 1081
TG: 1051-1030 and lower *** keep runner.

On longer term perspective H&S is now completed on S&P 500 and neckline is broken. Further downside is very likely. Index is below 50d and 200d MA and they have crossed (called Death Cross by many). Things do not look good for bulls as of now. My potential targets on downside are 1015-950-850 and in a very long term even 450-350 area (to be defined once the move start taking shape)