September S&P E-mini Futures: Today’s range estimate is 1584-1604. At
yesterday’s close bullish divergences were visible in my advancing issues
oscillators. And this morning’s New York Times ran a headline about yesterday’s
stock market drop. I think a rally of 30-40 points has probably started but
will end in a lower top. After that the drop to 1550 should continue.
QQQ: Downside target is 70.00.
TNX (ten year note yield): The first upside yield target for the 10
year is 2.50% and has nearly been reached. I think the market will move past
this level to 2.85% or so and eventually reach 3.50% over the next few months.
Euro-US Dollar: The market has resumed its move up to
1.4000. Support is at 1.3080.
Dollar-Yen: The dollar-yen is holding support at
94.50. The next upside target is 107.00.
August Crude: As
long as crude does not spend much time above 100 I will stick with my view that
it is headed below 70.
August Gold: Gold
has nearly reached the upper edge of the 1200-50 downside target zone. Once it
does I think a big rally will begin and carry the market back to 1500.
July Silver: Initial downside target is 20.00 has been
reached. Resistance above the market is at 24.00.
Google: Support is at 800 and I think the next step up will carry
GOOG to 975.
Apple: Next
downside target is 350. Resistance is at 460.
2 comments:
Hi Carl. I was very impressed with your call on the bump up we just had. I see we have pierced your target on the QQQs of 70.00 as we dipped down to 69.84 so far today. Do you have a new target? I'm pretty sure we'll need it, as my long/short numbers are still looking like we're just starting this decline, no low in sight, notwithstanding any brief rallies. Thanks.
Rob, all your comments on long/short number were quite interesting. Are you willing to share which numbers exactly you're following? In any case thanks
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