September S&P E-mini Futures: At the pit open today the September contract moves to the top step. Today's range estimate is 1030-1065 for the September contract. I still think the market will drop into the 1000-1020 range before an extended rally starts. But strength above the 1080 level will mean that the rally to 1300 is underway and that the 1036.75 low ended the drop from 1216. I expect to see the 1300 level by the end of the year.
QQQ: A move up to 54.00 will be the next big swing.
TYX (thirty year bond yield): I think this market is headed for 5.40%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.50%.
Euro-US Dollar: The market is scraping bottom. Downside should be limited to 118.00 and then an extended move into the 135-40 zone should begin.
Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.
July Crude: I still think crude oil is headed for 50.00.
GLD – August Gold: The odds are that the market will continue upward to 1320. I still expect to see 875 before 1400. Support stands in the 1160-70 range.
SLV - July Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.
Google: The 450 level is support. A move that should take GOOG above 700 will begin soon.
Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.
I don't understand how strength above 1080 would make any difference. Based on what?
ReplyDeleteMarket has already shown itself to be capable of "strong" and "fast" rallies that day. We have had one false breakout already.
I think 1080 level a bit of a random choice.