December S&P E-mini Futures: Today's range estimate is 1185-1203. I expect to see the low of this correction this week near 1185. Then the march to 1300 will resume.
QQQQ: Support is at 52.00 and the next upside target is 57.50.
TYX (thirty year bond yield): The thirty year yield has dropped well below long term support at 3.85%. I think the market is at a juncture like that of December 2008 - fast drop in yield that will be followed by a fast rise. 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. I think that the notes will soon begin a swing up to 4.50%.
Euro-US Dollar: The euro shows no signs of a top. Next target is 143.50.
Dollar-Yen: A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.
December Crude: I still think crude oil is headed for 50.00.
GLD – December Gold: The market still has the bit between its teeth. Next upside target is 1480.
SLV - December Silver: I see no sign that the rhythm of the advance has faltered. Next stop is 31.60.
Google: The 475 level is support. A move that should take GOOG above 700 is underway.
Apple: Should reach 350 (at least) before the bull market ends. Support is at 265.
I think 1185 is the worst case scenario. Depending on how you connect the various combinations of bottoms since Aug 31st bottom, "the low" could be anywhere between 1185 to 1195.
ReplyDeleteI think Friday's low will not be broken. The next stop will be at the recent top in the range 1225-30.