Wednesday, July 24, 2013

Guesstimates on July 24, 2013

September S&P E-mini Futures: Today’s range estimate is 1688-1700. The market is gradually climbing above the 1680-85 resistance zone. It now looks like it will move well above 1700 before a break of more than 30 points can start. The ES is headed to my long standing target of 1775 and possibly higher over the coming months.
QQQ:  Upside target is 79.
TNX (ten year note yield): The upside yield target for the 10 year is 2.85 % but I think the market will move past this level to 3.50% over the next few months.
Euro-US Dollar: The market has put in three low points near 1.2800 and now has been trading for several days above its 20 day moving average. It looks like a move up to 1.400 has started
Dollar-Yen: The dollar-yen has held support at 94.50. The next upside target is 107.00.
September Crude:  Crude is stalling at 108 resistance.  
August Gold:  I think a rally of $200-300 is underway.    
September Silver: The 18.00 level is now support and a rally to 24.00 or so is underway.
Google: Support is at 800 and I think the next step up will carry GOOG to 975.
Apple:  Next downside target is 350. Resistance is at 460.

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