Friday, May 04, 2012

Guesstimates on May 4, 2012

June S&P E-mini Futures: Today's range estimate is 1375-90. Should the market start spending time below 1375 I would then conclude that the 1352.50 low will be broken in the course of a drop to 1320-30.  
QQQ:  Upside target is now 72.50.          
TNX (ten year note yield):  The 10 year yield has drifted back into its recent multi-month trading range. I still think that the 10 year yield has started a move to  3.00%.  
Euro-US Dollar: The Euro has rejected the 1.3300 resistance level. The market is headed for 1.2600.
Dollar-Yen: The yen has decisively broken below support at 81.00. This means that the market is headed for 75 and lower.
June Crude: An extended upswing is underway. Support is at 100.  
GLD – June Gold:  Gold will probably drop to 1585. A move to 2100 is underway.
SLV - July Silver: I think silver is headed for 50.00. The 31.50 level was broken and now 18.50 looks like support.
Google: Google is now headed for its 2007 top near 750. Support is at 590.    
Apple: Since the ES appear to have established its reaction low I now think that AAPL will hold its 555 low. After a period of sideways action Apple should then  move above the 700 level. 

1 comment:

chartblog said...

Measuring this current dip "box" off the recent 4/27 highs is now equal in length to the Feb 29-March 6 dip "box" of 38 points +/-, could see a spectacular rally next week just like the spectacular rally of 2nd week in March.

There is also a declining wedge off the recent 4/27 highs, and one behavior of declining wedges is to have a final scary "dip" before a big reversal.

Todays selling should all be part of this weekends Supermoon and a nice buying opportunity low, next week could be spectacular for the bulls.