September S&P E-mini
Futures: Today's
range estimate is 1347-1367. A move to new bull market highs is underway.
QQQ: A move to new bull market highs is underway.
TNX (ten year note
yield):
The 10 year yield is trading below the low of its recent multi-month trading
range. Yields moved up prior to and after yesterday's Fed news so I conclude
the market thinks the Fed's easing actions will have the desired effect. If so
yields will head back up to 3.00% and higher.
Euro-US Dollar: The market has bounced
off of 1.2250 support. Resistance above the market is now at 1.2760. EU
survival will require a much lower euro than we see now. I think the market
will eventually drop well below 1.1500.
Dollar-Yen: This market is headed
for 75 and lower.
August Crude: The market is headed down to
75.
GLD – August 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 underway.
SLV - July Silver: A sustained move up is
underway.
Google: Google should hold
support near 562 and then resume its
move up to 750.
Apple: So
far AAPL has held well above its low at 528 (I think the reported 522.16 low
was a bad tick!) even while the S&P and the Dow broke below their
corresponding lows. This is a very bullish development. It makes me think the
AAPL is now in fact headed above its 644 top.
3 comments:
Awfully close to a breakout fakeout here on SPX
Carl,
Trading quite below your projected range so far. This market very binary, another big trend down day in the making, and hope ES'd halt the dump here.
How you'd see bulls overcoming bad economical data comes out globally, and rally in short term/summer weak seasonal period? If bulls win here, it'd remarkable. Thx for your insights!
Carl, how did you arrive at a target of 75 for crude?
Thanks
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