Wednesday, August 24, 2011

Guesstimates on August 24, 2011

September S&P E-mini Futures: Today's day session range estimate is 1152-1182. I think the ES is now headed into the 1220-1240 range.

QQQ: Support is 50.00 and upside target is now 58.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: I think this market is now headed for 1.5300. Support remains at 142.00.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

September Crude: Crude has dropped as low as 75. Resistance above the market is now at 92 and the next step down should take it to 70. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Next stop is1960

SLV - September Silver: Silver moved above 43.00 so the next upside target is 50.00.

Google: Google has broken well below 530 support. I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.


cantdrive55 said...

So is GOOG a great short here just under 530 ?

Edwin said...

I'm waiting forSPX MACD bullish cross and break-out of the wedge. They Both look elusive for now!

A triangle is forming lasting a few trading days?

turtle said...

any new target for gold?

Graph1159 said...

Hi Carl,

Do you think that the stock market downturn is indicating an upcoming double dip recession, or is this a "technical" bear phase serving as a reaction to an overcharged bull run.