Spiders - September S&P E-mini Futures: I think the e-minis are headed for the 1160 level. From there the market should turn up once more and a rally to 1300 should begin. Resistance above the market today is 1200.
QQQ: The Q’s should hold support near 38.50 and then start a move up to 45.00.
TLT - December Bonds: I think a big drop is underway in the bonds. It should carry the market back to 111 or lower.
December 10 Year Notes: The notes are now headed for the 110-111 zone.
Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is now at 149.40.
Dollar-Yen: Resistance is at 108.50 and I think the market is headed for 98.00.
XLE - OIH - USO – November Crude: Crude now has resistance at 112.00. Next downside target is 75.
GLD - December Gold: Gold still has resistance at 935. I think gold will soon drop to 600.
SLV - December Silver: Resistance is at 1390. Next downside target is 900.
Google: I am not very sure about Google’ technical position. I still think it has a good shot at 375 before it resumes its long term bullish trend.
3 comments:
Carl, look at the weekly chart of $SPX. The dragon fly candle pattern is not bullish where everyone think is bullish (probably because they think formed at the low of the market). But actually is bearish. Is a topping pattern. It formed while market is going up, not down. So I would think either we go test the 1134 or even break it.
I think that today's low will be 1185. After the touch of this low i think the ES will break trough 1200 level.
MAT
I was wrong, but i still think that the ES will break trough 1200 level today.
MAT
Post a Comment