December S&P E-mini Futures: Today's day session range estimate is 1170-1192. The weekly bar trend is downward. The minimum downside target is 1130. There is a good chance that the October 4 low will be broken also.
QQQ: Now headed for 50.
TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.
TNX (ten year note yield): The 10 year yield has started a move to 4.50%.
Euro-US Dollar: 1.3050 is now the downside target. After a rally from that level the Euro will probably continue downward to 1.2200.
Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.
January Crude: An extended upswing is underway. It will probably take crude to 114 or so.
GLD – December Gold: I think gold is headed for 2100. Short term support is at 1675.
SLV - December Silver: I think silver is headed for 50.00.
Google: Google is now headed for its 2007 top near 750.
Apple: Upside target is now 475.
Hello,
ReplyDeleteWhat holds me back from saying that the low is in is that the correction from 10/27 looks like an ABC zigzag, and perhaps today's rally is Wave 4 of C. The last significant rally was a 40 point bounce. If we can get strength above 1200 on the S&P 500, then we will have exceeded the size of the last failed rally and also have cleared resistance in the 1195-1200 zone (the point of the 10/18 low. So in that case, I would become bullish again.
Until we see that, though, I am short term bearish and think that a drop to 1140-1150 is a significant possibility.
The pathetic volume says traders are fed up by the chopping action.
ReplyDeleteI am OK with standing aside and wait for concrete political decisions before making my next sizable bet on anything..