Tuesday, February 28, 2012

Guesstimates on February 28, 2012

March S&P E-mini Futures: Today's day session range estimate is 1353-1368. The rally from the November 25 low has carried the market up to and a little above 1370 which has made that rally as big as the October 2011 rally. The May 2011 top was at 1373. So I think it is likely that the market's advance will pause near these resistance levels. A drop of 50-70 points is likely. But even so I expect the market to move well above the1400 level over the next few months.

QQQ: Resistance stands in the 63-65 zone and a break to 59.50 will probably be the next development.

TNX (ten year note yield): The 10 year yield has started a move to 2.50%.

Euro-US Dollar: On Friday the euro traded as high as 1.3485, just shy of my 1.3540 target. My best guess is that the rally from 1.2623 is nearly over.

Dollar-Yen: The yen has been trading a little above resistance at 80.00. If the market starts spending time above 81.00 I will conclude that it is headed for 90.00. Until then I am sticking with my 70.00 target.

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

GLD – April Gold: A move to 2100 is underway.

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

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

Apple: AAPL rallied to new bull market highs yesterday. Resistance above the market now is at 545.


Author said...

Hi Carl,

I was doing some reading in another text on the Gann Square of 9. There was some talk in there about conversions of price to angles. In the book it mentioned that some of the work was attributed to you. I had stumbled across your blog several years back, when I was trading SP futures. I've been doing some trading with currency lately and looking at Gann's work. I was wondering if that's something that you still look at...squaring price and time etc. Any help or info, or thoughts, ideas would be greatly appreciated - always trying to learn some more;



Carl Futia said...

No, I don't use Gann techniques any more. They tend to result in analysis paralysis.