Friday, November 01, 2013

Guesstimates on November 1, 2013

December S&P E-mini Futures: Today’s day session range estimate is 1748-61. The market reached the lower edge of the 1775-1800 target zone but so far there has been no follow through to the brief selling squall which followed the Fed news.  This is bullish and reinforces my assessment that the market shows no sign of a top yet. Only a drop below the 50 day moving average by two of my three trend indicators (Dow, S&P 500, and the advance-decline line) would turn me bearish.
QQQ:  The Q’s have been much stronger than the other averages. Support is at 75. Upside target is still 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 is headed for 1.4000.
Dollar-Yen: The dollar-yen is headed for 107.00.
December Crude:  I think crude is headed back to 86 and possibly lower than that.
December Gold:  The market is now headed below 1200.
December Silver: The market is now headed for 15.00.
Google:  It now appears that the breakout above the 928 high of the preceding 5 month trading range is genuine. Upside target is now 1150 and support beneath the market stands at 960. .
Apple:  AAPL finally moved above its August top of 513. Upside target is 565.

1 comment:

boris said...

For many months now
has indicated November 2013 top.
I believe 4-8 November, +-5 trading days defines top of significance in the stocks indices.

Likely The Top , also, but Break of 2014 second quarter may produce a retest echo , and/or slightly higher tops ( in some indices)