Spiders - September S&P Futures: The S&P’s are headed down into the 1400-20 zone. Resistance above the market is at 1475. After this break I think we shall see a rally to new bull market highs.
QQQQ: I think the Q’s are headed down into the 47.00 – 47.50 zone. The bull market high so far is 50.66 and later this year the market should be trading well above that level.
TLT - December Bonds: The market should continue upward to 114-24 or so. Support beneath the market stands at 113-00. TLT has reached the 89.00 level and I think the next development will be a drop into the 80-81 range.
December 10 Year Notes: The notes should continue upward to 111-08.
Euro-US Dollar: The market is headed for the 141.00 level.
Dollar-Yen: Support in the yen is at 113.25. Looking ahead several months I expect to see the 130 level during the next 12 months.
XLE - OIH - USO – October Crude: Crude has reached 76.50 resistance and I expect the market to soon begin a drop below the 67.00 level. I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 58.00 level looks like resistance in USO.
GLD - December Gold: Gold is headed for 730. I think gold will soon start a decline which will carry it to 500 and below.
SLV - December Silver: Silver looks like it is headed for the 1330 level. I think silver will soon start a drop which will carry it below 900 and SLV below 90.
Google: I think support near 485 will hold and that a rally to 600 or higher is underway.
4 comments:
SP futures will probably hold 1440 rather than let it fall through. I think the bottom is in already and we should be hitting 1500+ sooner than you are calling.
Jared
Carl,
Would you please (if you are so inclined) explain why you continue to see gold prices trading to $500 when many of the precious metals appear to be experiencing a breakout from a long consolidation pattern.
Thank you for sharing your analysis,
Larry
I agree - we are not likely headed back to 1400. There's very little if any over-extension, money flows are positive and the last four days have held Carl's box lines (48.25 in the Q's). We've also held the channel bottom trendline for the move that started from the August bottom. All good signs.
That said, there IS a slight chance that we move up to the half of the current box (49.3 in the Q's) and then follow through on Carl's prediction of 1400 (46.5 in the q's) which would be a three phase move. But I think it's unlikely.
my stuff is up into FOMC nwxt week,,,but i plan to lighten up quite a bit by or on friday
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