Spiders - September S&P Futures: Upside target is 1492 in the S&P’s and 148.50 in the Spiders. After this rally ends new lows for the reaction are likely.
QQQQ: Support is at 46.50. Upside target later this year is 53.00.
TLT - September Bonds: The bonds have crept above 110 resistance but probably won’t move above the 111-00 level before an extended drop to 103 begins. LT shows strong resistance near 87.50 and should soon begin a drop to 80-81.
September 10 Year Notes: The notes have strong resistance at 107-24 and should soon begin a drop to 102 or so.
Euro-US Dollar: Resistance at 137.80 is still stalling the market but any strength above that level will mean that the market will continue up to 140.00
Dollar-Yen: The 117.50 to 119.00 is strong support in the yen and I think a low will form there and be followed by a move to 130.
XLE - OIH - USO – September Crude: Crude oil has established itself above 76.90 resistance so the next upside target for September crude is the contract high at 80.30. I still think the next substantial move from here will be downward to the 66.00 level. XLE has reached 76 and OIH has reached 190 and both are headed lower. The 57.80 level looks like the ceiling for USO.
GLD - December Gold: I will stick with my 705 upside target for the futures unless gold shows weakness below the 650 level. In any case the next 100 dollar move should be down. I think GLD will drop below 60 on its way to much lower levels. Resistance in GLD is 68.50.
SLV - September Silver: Weakness below 1250 in the futures will convince me that an extended drop has started. Meantime I shall stick with my1370 upside target. SLV should bounce off of resistance near 133 and then drop below 120.
Google: I think the market will hold support near 497. Next upside target is 580-85. Google will trade above the 600 level later this year.
7 comments:
I do not mean to be to critical because I have frequently been wrong myself, but I do not think you are currently in sink with the market.
It happens to the best of us. I would reevaluate all of my assumptions with an open mind if I were you.
Looks like the July top in the doomed House. What would be the deciding basis, how much time or drop would you need to see to decide for sure ?
carl
i know this sounds a bit odd yet have you ever noticed compact bottom formations ??? like the top to top count ?? only bottom to bottom , roughly 107 days from previous compact bottom ??
Yes very good observation that he is not in sync with the market currently.I think he should spend more time over his charts and reevaluate.
Hi,
I just discover this blog by a search of " three peaks..." in search engine.
I'm curious of you you think of friday session .
I wish you the best.
AL
CARL
IM SENDING MY WEB PAGE LINK TO YOU
IT IS NOT MY INTENSION TO ADVERTISE ON YOUR BLOG JUST SENDING YOU A LINK FOR YOUR OWN
PERSPECTIVES WE ARE NOW ENTIRING WHAT WILL PROBABLY BECOME A SHORT TERM LOW YET FROM A LONGER TERM POINT OF VEIW THE DOOR IS WIDE OPEN
AS TO THE PLACEMENT OF A HUGE 3 PEAKS DOMED HOUSE PATTERN
KEEP UP THE GOOD WORK
JOE LONGWILL
http://www.tradersaffiliates.com/MARKETUPDATE.htm
Okay, I'm not a Lindsay expert but I believe some of Lindsay's other work is easier to interpret than the domed house concept. A concept that is highly circumspect and open to interpretation. Carl, have you looked at the banking index or S&P or Dow and compared Lindsay's work that markets move with an early run, a long consolidation period then a final run of approximately equal length and time to the initial run?
I wish I could be mroe specific but it has been a long time since I read Lindsay's work and I don't recall exactly how he described it.
I think the bull is over. Now could we really again and marginally touch the old highs? I guess anything is possible. Maybe even return and hit 1600 as you expect. But I think the bull is gone for a long time. Short corrections are a sign of a bull market. Bears last much longer than your anticipated correction.
We just have to see. Thoughts?
Thx, Barry
Post a Comment