Spiders - September S&P E-mini Futures: A close today above 1285 will tell me that last week’s downside action was a massive shakeout and that the market will be headed much higher. In the meantime I again see 1283 as resistance above the market today and 1250 is still support.
QQQ: Support is at 41.50 and resistance above the market is at 45.00.
TLT - December Bonds: I think the market will reach 123 before it heads lower.
December 10 Year Notes: I think the market will reach 120 before it heads lower.
Euro-US Dollar: The trend in the euro is downward and I think the market is headed for 135. Resistance above the market is at 150.00.
Dollar-Yen: The market should reach the 112.00 target soon. Support is now at 106.00.
XLE - OIH - USO – October Crude: I think that the market is headed for 98. The 112 level is resistance.
GLD - December Gold: Gold is headed for 700. Resistance above the market is at 840.
SLV - December Silver: Resistance is at 1390 and the next downside target is 1100.
Google: Google is probably now headed for 375.
3 comments:
Carl
im now labeling point 10 on spx 60 min chart as thusrdays low .
mondays high ( yesterday ) point 11
we are now entering point 12
still have into sept 16th 19th
untill the short term cycles bottom
catherine made a comment last week about the first few days of this week and there is a cycle that bottoms sept 10th which is tomorrow . so id like to see
points 12 13 14 over the next week
and then i will look for a move back above the point 7 high at
1313 .
chart posted here if your interested .
joe
http://www.tradersaffiliates.com/WEEKLY%20UPDATE.htm
Whatever move we get from here, it will be BIG, I am more than patient to let this market mess around between 1200-1300. A break above or below will give me my trade.
N Borcz
i am with Carl's guesstimate of 1500 in the SPX before seeing lows below 1200. 1466 is key, it's just the market players haven't realized the tremendous opportunity yet, in my view. Good trading all ! MC
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