Spiders - September S&P Futures: The market traded above short term resistance at 1460 all day yesterday. I now think the S&P’s will rally into the 1500-10 zone before a significant swing downward develops. I do think the market will drop into the 1400-25 zone before it moves to new bull market highs. Resistance in the Spiders is 150-151 and support is 140-142.50.
QQQQ: Short term resistance in the Q’s stands at 49.00. Support is at 45.00. Later this year the Q’s will go to new bull market highs.
TLT - September Bonds: I think an extended drop all the way down to 103 has started. The 110-28 level is still resistance and the next short term support is at 108-08. TLT shows strong resistance near 87.50 and should soon begin a drop to 80-81.
September 10 Year Notes: I still think the notes have a shot at 109-28 before they begin a drop to 102 or so.
Euro-US Dollar: Resistance above the market stands at 136.00. Short term support stands near 133.00. I think this market is headed to 126.00 and eventually lower than that..
Dollar-Yen: I no longer think the yen will drop below it 111.57 low. Resistance is at 117.20 and the next break should hold above the 112.00 level. Looking ahead several months I expect to see the 130 level late this year or early next.
XLE - OIH - USO – October Crude: The 66.00 level is the initial target for this downswing in crude but I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 51.00 level looks like support in USO.
GLD - December Gold: I think gold has started a decline which will carry it to 500 and below.
SLV - September Silver: Silver has started a drop which will carry it below 900 and SLV should drop below 90.
Google: I think support near 485 will hold and that a rally to 600 or higher will begin soon.
2 comments:
Looks like the market is starting to make a move to test the previous lows!
I agree, the VXN is about to take off
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