Tuesday, May 31, 2011

Guesstimates on May 31, 2011

June S&P E-mini Futures: Today's range estimate is 1333-1345. I think that a sustained up swing to 1400 and above is underway.

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 Euro has reached and exceeded 143.50 resistance. If the market is headed for 137.00 as I currently believe then an extended swing downward should begin today or tomorrow. Looking further ahead 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 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: Gold appears on its way to new highs. Upside target is 1630. Support is at 1430.

SLV - July Silver: Resistance in silver is 41.50. An strength above 43.00 would mean that the market is headed above 50.00.

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.


Bill said...

We top today and go down from here.

Adsense said...

Hi Carl
my bias is upwards into june 15 17th . that said todays test of 12575 resistance is a bit of a warning
the move above 12433 is bullish and that as it stands points upwards as long as 12433 holds. the warning is if the market fails to get above 12604 on a closing basis into june 15-17th . a failure to close above that level
keeps a short term bearish pattern
in place from june 15 into july 1 .
bottom line : i have a bullish bias into mid june and id like to see a close above 12604-12622 or ill have to take a larger then normal bearish stance once we get into this short term cycle high due june 15 . as it stands today the market is telling me that the trend is up but we are not yet out of the woods as far as the bearish case is concerned . in fact this is so far tracing out almost exactly as expected , only a close above 12604-12622 would invalidate the bearish case . ( june 15 17th a short term cycle high is due )

chartblog said...

Short term may be June 3 top then a Hurst 5 week low July 1.

That thing you feel dragging on this market is the 5 week low due late June/early July which likely needs to complete first for any big big rally.

George Rahal said...

Uncanny range guesstimate, Carl!-- as usual.

bob said...

"My Chart List" not available, need password. thx