December S&P E-mini Futures: Today’s day session range estimate is 1733-51. The market reached the lower edge of the 1775-1800 target zone yesterday and the subsequent high volume sell off means that lower prices probably lie ahead. A close below 1735 would confirm yesterday’s bearish message. Even so my three trend indicators still remain above their 50 day moving averages and so there is no reason yet to think that this is anything but a normal correction.
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 broke below 1.3400 yesterday but didn’t close below that level. Resistance above the market is at 1.3500 and as long as the Euro doesn’t spend much time above there I will stick with my 1.28-1.30 downside target
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: Upside target is now 1150 and support beneath the market stands at 960.
Apple: Upside target is 565.