Monday, May 23, 2011

Guesstimates on May 23, 2011

June S&P E-mini Futures: Today's range estimate is 1307-1320. I think the drop from 1373.50 will end today. The next big swing should take the market over 1400.

QQQ: Upside target is 63.00.

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: The market is headed for 137.00. Resistance is at 143.50. I still think it is likely that it will reach 150 and above during the next few months.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market now is at 82.45.

July Crude: It looks like the trend is downward. Support is at 94 and I think the market will rally to 106 or so before another down leg develops. That subsequent down leg should carry crude down to 88.

GLD – June Gold: Downside target is 1430. Resistance above the market is 1530. I think that gold will trade above 1600 during the next few months.

SLV - July Silver: Support in silver is at 31.50. The market should rally to 41.50 after hitting 31.50 support.

Google: GOOG is headed for support at 495 from which point the move to 700 and above will resume.

Apple: Next upside target is 410. Support is at 310.


alexnewbee said...

great call

Adsense said...

hey carl
point 28 is coing to an end .
i still favor the mid to low 1290 area on spx . may 25th june 1 would be the ideal time frame for a low followed by a run higher into june 15 . then things get tricky .
good luck

chartblog said...

septizonium dont be so negative.

if you are a stock trader, this drop is a gift and is giving you a beautiful opportunity to seize by picking up more bargains before the run above SPX 1400.

Harry said...

The market seems to be hinged to the dollar - Euro movement. I watch the FXE and I notice the market tracks it precisely.

fiona said...

How rude are you septizonium.
Carl does not have to give predictions (based on a good deal of technical analysis) for free.
I find him to be basically spot on.

Keep up the good work Carl.

Carl Futia said...

The person who calls himself septizonium is a wacko who has been attempting to harass me for more than I year. Whenever I see a comment from him I just delete it without bothering to read it. This time I hit the wrong button!

modernarms said...

Hi Carl,

I am not a TA expert, but I also do believe we have one more surprise to the upside before a severe, quick decline. I think it will be a quick short covering rally as a lot of folks are looking for 1250 area, not 1371+. thanks for the posts.

Hail said...

Carl, I think it's okay to allow criticism on your public website. If you only allow comments that suit you, the quality of the website will go down very quickly.
I'm against calling people names, but having a comments section that only allow glorification is not something I would associate with a top quality analyst.