Tuesday, September 17, 2013

Guesstimates on September 17, 2013

December S&P E-mini Futures: Today’s day session range estimate for the December contract is 1687-1700. The ES, the Dow and the advance-decline line are all now trading above their 50 day moving averages. The trend is definitely upward and should carry the ES well above 1705 during the next couple of months
QQQ:  Upside target is 86.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The Euro spent all of yesterday’s 24 hour session above its 20 day moving average and well above 1.3200 resistance. This moves me back to the bullish camp and my long-standing 1.4000 upside target.
Dollar-Yen: The dollar-yen is headed for 107.00.
November Crude:  Crude has sagged back below 108 but as long as it holds its 50 day moving average at 104.78 I will stick with my 123 upside target.
December Gold:  The market is now headed below 1200.
December Silver: The market is now headed for 15.00.
Google: Support is at 800 and I think the next step up will carry GOOG to 975.
Apple:  The 460 support level was broken decisively yesterday but the midpoint of the rally to 513 stands at 450. A close below 450 today would mean that AAPL is headed below 385.

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