December S&P E-mini Futures: Today's day session range estimate is 1065-1082. The market is now on its way to 1050.
QQQ: Support is at 42.30. Next upside target is 45.00.
TYX (thirty year bond yield): I think this market has begun a move to 5.00%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.30%.
Euro-US Dollar: I think a sustained drop to below 120 is about to start.
Dollar-Yen: I think the 87.13 low will hold and that the yen will soon begin a move to 105.00.
December Crude: I think that crude is headed down to 50.00. Resistance is now at 81.00.
GLD – December Gold: The market will probably keep going until it reaches 1120. Support is at 1000.
SLV - December Silver: Continuation up to 1900 is likely.
Google: Upside target is 550 has been reached. Support is now at 490. Next step upward will carry to 610.
6 comments:
hope you at least looked at the right chart. the headline says october 2.
:)
i have a little different take..i expect market to bounce here shortly to ~1085-1090 and then tuesday onward will see sell off to 1065 or so...
I will reiterate my comments from Friday. This may not just be a reaction. This could be the end of the rally full stop. The S&P (as is the FTSE and other markets) are up against a very strong downward sloping trendline which runs from the very highs in Oct 07. We could be heading for a 10% correction at least - if not a full retrace to new lows.
My target for today is 1060 on the S&P futures.
One way or the other it´s going to be interesting if we break 1070. Friday was an inside day. A lot of people are looking for a breakout. Since so few days are inside days the odds are good that we at least take out 1071.5 today. On a weekly volume profile chart 1065-ish looks sollid. if a selloff to that area doesnt attract more sellers a lot of shorts gonne feel the heat when bounces back in range..
please scratch my last comment. i operate on swedish winter time and forgot you guys dont change your time yet. costed me a couple of points :(
Back to drawing board. Today's expected high has been surpassed and the update from Friday is a moot point now.
Sure feels like a topping process is taking shape with all of the random up and down action over the past few days.
Regardless, it doesn't change my longer-term perspective that the market will hit S&P 400 over the next couple years as I subscribe to the old DOW charts from 1929 to 1932. Since 2007, the same chart patterns are occurring.
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