Thursday, December 01, 2011

Guesstimates on December 1, 2011

December S&P E-mini Futures: Today's day session range estimate is 1237-1257. The market rallied well above 1208-1218 resistance on news of central bank efforts to ease credit conditions. I am moving to the bullish side of the market in anticipation of a close tomorrow above last week's high at 1209. A rally from last week's low which matches the size of the October rally would bring the ES to 1370.

QQQ: Now headed for 63.

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 has started a move to 4.50%.

Euro-US Dollar: I suspect that the trend in the Euro is turning upward. A close Friday above 1.3568, last week's high, would convince me of this. In the meantime I am thinking in terms of an upside target of 140.50.

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

January Crude: An extended upswing is underway. It will probably take crude to 114 or so.

GLD – December Gold: I think gold is headed for 2100. Short term support is at 1675.

SLV - December Silver: I think silver is headed for 50.00.

Google: Google is now headed for its 2007 top near 750.

Apple: Upside target is now 475.


ARJ said...

Thx for your wisdoms, ES has been in the range for a while, a move up to 1370 certainly very possible, actually, it could do it in few days at this rate, but before that, ES has to pass 1289/90 1st, isn't it? Thx again for your great insights!

tapped out said...

You said on 11/21/2011 concerning a Lindsay count:
>>Technically Oct 31 would have been the high and that also corresponds with a low to high count from the Feb 2009 lows to the mid 2010 lows on a monthly close only chart.<<
Friday, Oct 28, 2011 the Dow closed at 12,231.11 it lost 276 points on Oct 31 when MF Global filed for bankruptcy. Oct 31 not being the high but perhaps the start to a decline?
>>The set up when it works is a 20 to 25 day down trend before the solar eclipse with a 10 day bounce beginning the days surrounding the solar eclipse (Nov 25).<<
A 20 trading day count from the high on Oct 28th would be Nov 28th a day when the Dow reverses and pushes up 299 points and starts to bounce?
>>Next week should be fairly strong from the historical norm of this pattern if it is indeed a crash phase.<<
Nov 28th the Dow pushes up 299 points - Nov 30th the Dow pushes up 490 points?
>>The next high is due Dec 6th -10th.<<
If the high were to slide forward to mid or perhaps latter Dec is the count still valid?
This forecast is very much in line with several others out there in the marketplace.
Additional information you choose to share is appreciated. TIA!