September S&P E-mini Futures: The 1080-84 zone is critical today. Weakness below 1080 will mean that the market is headed down to 1050-60. But I am betting that 1080 will hold and that the drop below 1084 than occurred just after the employment claims number came out this morning is a false downside breakout. I am estimating a 1080-1100 range for today. I think that a new upward leg in the bull market started from the 1003 low made July 5.
QQQQ: A new upward leg in the bull market has started. Next upside target is 50.00.
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): The 10 year yield has dropped more than I expected. Still, I think the next big move in yields will be upward. The 2.65% level now looks like support. 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 now at 85.50.
September Crude: I still think crude oil is headed for 50.00.
GLD – December 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 - September Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.
Google: The 470 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.
GM!
ReplyDelete1082 was to be the key level to observe.I am learning from you so Its going up.. bot 1084.50 and looking for 1100++
God BLESS You!
Why the bias against gold and silver?
ReplyDeleteIts Fed Printing day and do not fight the fed. Forget about any thing that smacks of economic reality.
ReplyDeleteThose 500,000 newly unemployed can get good paying jobs if they just tried to lower their expectations a bit until the federal reserve saves the economy.
As it is well known that it is the Government and its agent the federal reserve who creates the wealth and prosperity by money printing.
We are in a Bull Market and short players should just go away and take their negativity to N Korea or Iran.
It is not very often I agree with you but lately you have been close to what I have been thinking. And today's predictions are just another match to what I am thinking. When this blows through 1100 shorts will be scrambling.
ReplyDelete