Spiders - September S&P E-mini Futures: Yesterday the market dropped nearly all the way back to its 1112 low. Today the 1140 level is key. Strength above there will mean that a move into the 1200-25 zone is underway. Failing such strength I shall be looking for a move to 1090 and then a big rally. In either case I think that the 1112 low either ended this drop or is very near the final low point.
QQQ: The Q’s will probably act worse than the S&P for a while and eventually drop to 35 before a solid low is in place.
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: 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 think Google will make a low near 375 and then begin another multi-year bullish trend.
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