September S&P E-mini Futures: Today's day session range will be 890-910. The e-minis are in the early stage of a move which will carry into the 965-80 zone.
QQQ: Support is at 34.00. The next upside target is 39.90.
TYX (thirty year bond yield): Support is at 4.20%. The next big move will be a swing upward in yield to above the 5.00% level.
TNX (ten year note yield): Support is at 3.25%. I think that the next swing up is about to begin and should take the yield on the notes to 4.30%.
Euro-US Dollar: There is no sign of a top. Support is at 137.50 and I think the market will continue upward to 146.00.
Dollar-Yen: The yen has reached the 92.50 downside target and soon will begin a move up to 105.00.
August Crude: The trend in crude oil is now downward and will carry the market as least to the 55.00 level. Resistance above the market is at 65.00.
GLD – August Gold: Support at 920 was broken. I want to give this uptrend the benefit of the doubt so I will wait for weakness below 900 before I conclude that the market is headed much lower.
SLV - September Silver: Silver is headed to 1700. Support is at 1250.
Google: Support is at 395. Next upside target is 500.
2 comments:
The correction isn't over yet. Still room for downside as long as there are people thinking this market will head higher. Cheers.MC.
It appears that we have just completed wave 2 up of a major downward correction. As usual, the wave up was fueled by the shills at CNBC.
The next wave is supposed to be a big wave 3, DOWN.
Post a Comment