December S&P Futures: The S&P’s are about to establish another 10 point trading range with its high near 1373. The odds favor a break of 25-30 points next week. I expect to see a 1400 print later this year.
December Bonds: Resistance above the market is at 111-04. The bonds are now headed down into the 107-108 area.
December 10 Year Notes: The notes are now headed down to 105-16 or so.
Euro-US Dollar: I think that the market is headed down to 124.50 and eventually much lower than that. Resistance today is at 126.25.
Dollar-Yen: I think the yen will rally a little more, say to 120.50, before a reaction of 150-200 pips starts. I expect to see the yen at 130 next year.
November Crude: The market should rally quickly above the 59.00 level and if it does it should continue upward into the 64.00-65.00 range. Failing this I shall change my mind about and imminent rally and instead look for a drop to 53.00.
December Gold: Resistance is at 591. I expect the market to turn lower from there and resume its drop to below 500.
December Silver: Resistance is at 1170. From there silver should resume its drop to below the 900 level.
Google: Support is at 410 and I think GOOG will soon move above its all time high of 475.
when you say a break of 25-30 pts are you referring to that being above 1373 or below 1363 ? Please clarify this. Thank you.
ReplyDeleteI think the market will move down into the 1345-50 zone.
ReplyDeleteSo, I see that December Gold has gone above your resistance at 591. Any thoughts on that?
ReplyDelete