Thursday, April 10, 2014

Guesstimates on April 10, 2014

June S&P E-mini Futures: Today’s range estimate is 1850-1868. If the ES can trade for an entire day above 1861 then I will anticipate continuation upward to 1900 or higher. Any weakness below 1823 would mean that a much bigger drop is underway, one which would probably run 110- 150 points.
QQQ:  Downside target is 83.50. More weakness than that would probably break the 200 day moving average, a very bearish development.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The reaction is over and the euro is headed for 1.42.
Dollar-Yen: The dollar-yen is headed for 107.00.
May Crude:  If crude spends a day trading above 103 resistance I will look for continuation up to 111.
June Gold:  Resistance above the market is at 1320. A couple of closes above there would turn me bullish. .
May Silver: Resistance above the market is at 20.25. A couple of closes above there would turn me bullish.
Google:  Support is at 538 and if this fails a drop to 450-475 is likely.
Apple:  A drop below its 200 day moving average, currently at 506, would be very bearish. Whether or not AAPL can make it to 600 before dropping below that moving average will depend on whether or not the trend in the general market had turned downward.

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