September S&P E-mini Futures: Today’s range estimate is 1670-1683. Next upside target is 1720. The ES is headed
to my long standing target of 1775 and possibly higher over the coming months.
QQQ: Upside target is 79.
TNX (ten year note yield): The upside yield target for the 10 year
is 2.85 % but I think the market will move past this level to 3.50% over the
next few months.
Euro-US Dollar: It looks like a move up to 1.400 is
underway.
Dollar-Yen: The dollar-yen is headed for 107.00.
September Crude: Crude
is stalling at 108 resistance.
December Gold: I
think a rally of $200-300 is underway.
September Silver: The 18.00 level is support and a rally to
24.00 or so is underway.
Google: Support is at 800 and I think the next step up will carry
GOOG to 975.
Apple: Next
downside target is 350. Resistance at 460 has been broken but I think AAPL will
have a hard time moving above the 475-80 range before the next leg in its bear
market starts.
From the low on 6/24/2013 thru 8/1/2013 the DIA was up nearly 9.61 points or the near equivalent of 1000 Dow points. Of that move 3.66 points or 38% came from unfilled gaps...in DOW terms, thats nearly 366 points of 1000 points from unfilled gaps. This trumps any historical period in the DIA.
ReplyDeleteA base of this distorted (unfilled gaps) magnitude is unprecedented. There is not a time in DIA history prior to 2008 where once unfilled gaps reached 22% of a move that a full retrace did not promptly follow.
From the March lows in 2009 thru today, the DIA's move is full of holes.....25% to be precise. Before AAPL imploded, it has similar unfilled gaps. The difference is that AAPL is a stock and DIA is an index, which makes the base of the entire market questionable.
While nothing is 100% in this business, I think the message is pretty clear.