September S&P E-mini Futures: Today's range estimate is 1010-1035. I think this market is scraping bottom and the worst I see on the downside is 990. Strength above 1050 would mean the low has been established and that a new up leg in the bull market has started.
QQQ: Support is at 42.00. The next move up will carry to 54.00.
TYX (thirty year bond yield): Long term support is at 3.85%. The bonds will soon begin a move to 5.40%.
TNX (ten year note yield): Long term support is at 2.90%. I think that the notes will soon begin a swing up to 4.50%.
Euro-US Dollar: A move into the 135-40 zone is underway.
Dollar-Yen: A rally to 100.00 is underway. Support is at 87.00.
August 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. But any weakness below 1150 will mean that a drop to 875 has begun.
SLV - July Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.
Google: The 430 level is now 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.
2 comments:
I have 1024-30 as sell zone today.
vs-trader.blogspot.com
The market has already started moving up - except that we are looking at the wrong place. If you look at asian etfs(EWY, FXI, EWS, INP etc), you can clearly see higher highs, higher lows and uptrending channel for the past few weeks or so.
I will not be surprised if they continue to maintain their up-trending channels until sp 500 hits the higher end of its downtrend channel.
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