December S&P E-mini Futures:
Today's
day session range estimate is 1352-1372. I am sticking with my 1310-20 downside
target.
QQQ: Downside target is 61.
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. Support is at
1.2750 and has just been reached .
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: Gold's
drop late last week exceed the size of the biggest break on the way up from its
1530 low. I think this means that the market is headed back to 1530 and
possibly lower.
SLV - December Silver: I now think silver is
headed below 26.00.
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 trend in the broader averages is downward and
APPL shouldl continue down to 525.
2 comments:
Carl, the market needed a breather today. However, ES closed at 1376, moving closer to the low for the day.
Your predication of the range 1352-1372 should be good on Monday.
Most probbaly, we will be open with a gap down on Monday and trend to 1352 or lower.
The retracement has been so poor.
The S&P should fall through the 200 day MA, as did QQQ, like a knife thru butter.
Carl,
Your pattern (or a slightly different one) is getting play time all over the web: http://www.ritholtz.com/blog/2012/11/three-peaks-and-a-domed-house-revisited/
I've been trading it, but headlines like this make me a bit nervous.
Post a Comment