December S&P E-mini Futures: Today’s day session range estimate is 1755-67.
The market has reached the lower edge of the 1775-1800 target zone. So far
there has been no follow through to yesterday’s brief selling squall which
followed the Fed news. This is bullish
and reinforces my assessment that the market shows no sign of a top yet. Only a
drop below the 50 day moving average by two of my three trend indicators (Dow,
S&P 500, and the advance-decline line) would turn me bearish.
QQQ: The Q’s have been
much stronger than the other averages. Support is at 75. Upside target is still
86.
TNX (ten year note yield): I think the market will move to 3.50%
over the next few months.
Euro-US Dollar: The Euro is headed for 1.4000.
Dollar-Yen: The dollar-yen is headed for 107.00.
December Crude: I
think crude is headed back to 86 and possibly lower than that.
December Gold: The
market is now headed below 1200.
December Silver: The market is now headed for 15.00.
Google: It now appears that
the breakout above the 928 high of the preceding 5 month trading range is
genuine. Upside target is now 1150 and support beneath the market stands at
960. .
Apple: AAPL
finally moved above its August top of 513. Upside target is 565.
