Spiders - September S&P Futures: I still think the S&P’s are headed down to the 1400 level (140.00 in the Spiders) and there will establish a low and begin a rally to new bull market highs. Any strength above 1468 will change my mind and mean that the market is headed for the 1500-10 zone.
QQQQ: Downside target is 45.50. Later this year the Q’s will go to new bull market highs.
TLT - September Bonds: The bonds have reached the 111-28 level but will probably continue a bit higher to 112-08 or so before a drop to 103 can start. TLT has almost reached the 89.00 level and should soon begin a drop to 80-81.
September 10 Year Notes: The notes have nearly reached 109-28 resistance and should soon 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 this 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 temporary 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.
4 comments:
Is the correction over? (at long last!) Any new thoughts on the domed house and the mini-dh?
Thanks!
Carl good call today.....
This is a tough market, and its been tough. hopefully it gets easier at some point.
hey matt carl said that the domed house will lead us to 10700 in the dow. So do you think the correction is over???
carl
with all due respect i think you should take a very good large
look at the 3 peaked domed house pattern . all of my work is now making a very valid veiw that we are in point 25 , the dow will
probably stall at 13484 on sept 21
that would be point 25 , then
point 26 would end into oct 16 17th in the area of 12113-12040
then point 27 into november
and point 28 into march 5 th 2008
in the 10300 area . then we would
begin an entire new pattern .
i see you bullish veiw and i do agree with the oversold reading of the market , yet where we differ
is where we are and in what degree
of the trend we are in . then next
few weeks will prove difficult
and the next several months
bearish
Post a Comment