September S&P E-mini Futures: Today’s range estimate is 1581-98. The
market has made a temporary low in the 1550-60 support zone. A rally to 1610 or
so is likely and should then be followed by a move down to 1500. Right now
bearish sentiment is not high enough to suggest that the drop from the May 22
top is over.
QQQ: Downside target is 70.00
has been reached but there is still no sign of a low. Next support is 66.50.
TNX (ten year note yield): The first upside yield target for the 10
year is 2.50% and has been reached and exceeded. Next target is 2.85 % and I
think the market will move past this level to 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 reached the 1200-50 downside target zone. I think a big rally will begin soon 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.
1 comment:
A remarkable drop in my long/short numbers has me thinking this could have been the low. We went from 12.27 just five trading days ago to 7.64, 7.48, 5.84, 3.09, and finally down to 2.15 today, Wednesday, even after Tuesday's up day. I've seen almost the exact same number before, which led to a rally of sorts, and then it did come tumbling back down to get down to 1.90 or below. So was this 2.15 low enough? Probably not, but I'd have to say it's possible.
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