Thursday, March 24, 2011

Guesstimates on March 24, 2011

June S&P E-mini Futures: Today's range estimate is 1294-1311. I now think it is likely that the cash S&P close above 1305 within the next few days. Such a close would mean that the cash low of 1249 will hold and that the market is headed for new bull market highs.

QQQ: I expect to see new bull market highs after the current break ends.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: I think the euro will move up to 145.00.

Dollar-Yen: Intervention by the Bank of Japan and the Fed rallied the yen to 82.00. I think 83.50 is the upside potential. After that the drop to 70.00 should resume.

May Crude: Crude will continue upward to 112. Support is at 97.

GLD – April Gold: A move to new highs is underway. 1495 is the next upside target.

SLV - May Silver: Silver has reached the 36.00 upside target but there is still no sign of a top. Next stop is 39.50.

Google: The 540 level is support. A move that should take GOOG above 700 is underway.

Apple: Next upside target is 375. Support is at 310.


Nabeel said...

The information you have provided about Euro-US Dollar and Gold are amazing. You are doing some great job. Your blog is incredibly helpful for currency investment purpose..

MC said...

my view is that the crowd is currently too busy with earthquake, Libyan war noise and any kind of news thrown out of the media to keep the masses busy reading. This is where technical analysis forces you to discipline. When people forget the basics tenets of support and resistances drawn from simple trendline tracing, it is where primary tops are formed disguised as pretty normal corrections justified by abnormal media activity. It is for this reason that i strongly believe this dip is not a buying opportunity but rather an obvious selling point. The masses will realize only after indices will be 10-15 percent from their tops that there might be a chance of a resumption of the bear market. Cheers. MC

Nav said...
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