December S&P E-mini Futures:
Today's
day session range estimate is 1423-34. The ES looks like it has climbed back
above resistance at the 1419.75 level formed by the March 27 top. If it stays
there for the rest of the day I will turn bullish and start looking for a rally
to new highs for the bull market.
QQQ: Downside target is 61 but the S&P action
is casting doubt on this.
TNX (ten year note
yield):
Bond yields are going much higher as the market begins to anticipate stronger
economic growth. The first upside yield target for the 10 year is 2.50%.
Euro-US Dollar: The ECB and the Fed
are following polices which will move the Euro to 1.40 or higher. Next
resistance is 1.3350. Support is at 1.2750.
Dollar-Yen: This market is headed
for 75 and lower. At some point the JCB will have to support the yen but this
probably won't happen until the 75 level is reached.
December Crude: I think this market is headed for 70 and
lower.
GLD – December Gold: I think
gold is headed for 2300.
SLV - December Silver: I think silver is
headed above 50.00.
Google: There are several old
tops in the 640-670 range which should be strong support for the next move up
to 800 and higher.
Apple: The downside target is 560. Resistance above
the market is at 638.
7 comments:
Hi Carl,
why didn't you publish my comment yesterday? Yes, new highs are coming.
It's possible your comment was accidentally deleted. Post it again and I'll publish it.
OK,till November 23/27, stocks will make new highs, eurusd to 1.3350-1.35, audusd to 108-109. Most likely, final top.
spx...wave 2 is done or max one more push up to 1440..i think 3rd wave is coming..target 1300..it could be nasty november
Yikes, looks like 1300 was right after all.
does one day close really change from bear to bull? maybe it is too soon to make a prediction if one day or tomorrow or the next day can change your outlook so dramatic. i guess this is why turning points are so difficult to predict.
Carl,
$SPXEW (or RSP) and $TRAN are suggesting more strength. I think we make a lower low on the SP500 Monday or Tuesday, with positive breadth divergences. This could be followed by a move up to the 1470-1500 zone. All the best,
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