June S&P E-mini Futures:
Today's
range estimate is 1301-1316. I think the end of the drop from 1419.75 is
imminent.
QQQ: Downside target is 62.50.
TNX (ten year note
yield):
The 10 year yield is back to the low of
its recent multi-month trading range. I still think that the 10 year yield has
started a move to 3.00%.
Euro-US Dollar: The Euro has rejected
the 1.3300 resistance level. The market is headed for 1.2600.
Dollar-Yen: This market is headed
for 75 and lower.
June Crude: The market is
headed down to 75.
GLD – June Gold: The
market has dropped to the vicinity of the September and December low points at
1544 and 1529. I think a sustained up move is about to start.
SLV - July Silver: The market is getting
close to its December low at 26.27 where a sustained move up is likely to
start.
Google: Google is now headed
for its 2007 top near 750. Support is at 590.
Apple: AAPL
is headed for 520. From there a move
above the 644 high will start.
This drop reminds me of july 2011... you said the bottom is comming, but SPX just kept goin down every day. This time we might get down below 2011-lows.
ReplyDeleteThis drop looks very familar to march 2007. MA and RSI
ReplyDeleteI think the odds have just crossed 50% that we are in a bear market. From an Elliott Wave standpoint, the following count looks probable:
ReplyDeleteMay-October 2011: Wave A
October 2011-April 2012: Wave B
Wave C underway
Should the bear market unfold, public pessimism about the economy will rise dramatically. The result will probably be the election of Mitt Romney in November.
Time to run a different analysis, as we will see a bounce next week with more downside.
ReplyDeleteBuy the cheaper high delta SPY puts.
Made $10K last week on only 20 contracts.
Carl, good work!