Spiders - September S&P Futures: I think the S&P’s will rally into the 1500-10 zone before a significant swing downward develops. Meantime support is at 1450. I also 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 145.
QQQQ: Short term upside target is 49.00. Support is at 46.50. Later this year the Q’s will go to new bull market highs.
TLT - September Bonds: I now think the bonds have a shot at 111-28 before a drop to 103 can start. TLT will probably rally to 89.00 but then will 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 136.60. 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: Resistance above the market is at 683. I think gold has started a decline which will carry it to 500 and below.
SLV - September Silver: Resistance above the market is at 1230. 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.
5 comments:
well folks today is the day to be contrarian... sell into rallies of 5/7 points. We have to expect a ST top here with a possible correction of 40/50 points (SP500).
Carl,
My 5-day momentum indicator is nearly 100% sensitive to shor-term tops. It is pointing to a top today.
as a contrarian. Everyone that post on here is expecting highs later this year including carl. That means a drop of your life is about to happen because nobody expects it.
So far, over $500 million in so-called put options have been
purchased betting that the benchmark Standard and Poor's 500 index will tumble anywhere from 5% to 11% in September.
What does it all mean? Anyone's guess since we don't know who the end users are. Many of the options involved are in the September 1300 to 1400 strike range, but there also a 700 strike September put with OI over 100k... probably just specialist games.. but who knows.
Sir,
You better take out of your guesstimates the comments for eurusd.
Otherwise pls make setups with entries-exits and stops.
Tradable products need to be like that.
Sincerly,
Dim.
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