Spiders - December S&P Futures: (December becomes the trading contract today.) y strength above the 1493 level today will mean that resistance at 1488 has failed. This in turn would indicate that the market is on its way at least to 1530 and possibly to new bull market highs without any big break first.
QQQQ: Any strength above 49.40 today will mean that the Q’s are on the way to new bull market highs above the last top at 50.66. 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. Support is at 109-24.
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 now looks like it is headed for 81.00. The upside target for USO is 62. OIH will probably rally back to is high near 192 while ELE will make it up to 75.
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.
3 comments:
That's more like it.
On to new highs we go.
Jared
Carl may be right here after all. I've been thinking support was too strong for markets to move down but it's looking long in the tooth now. Dow and S&P are at the top Bollinger band with NASDQ not far behind. We're also at a 'box' resistance level. RSI is also looking a tiny bit stretched. Time to move up the stops...
We're still on top of a lot of support and money flows were heavy and positive today. MACD and 5 day RSI actually RELAXED a bit! I think we're in for another up day tomorrow, at least for NASDQ. Seems like we need to hit the upper Bollinger band before we turn down again...
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