December S&P E-mini Futures: Overnight the ES bounced off of support at the October17 low of 2116.75 and is now headed up into the 2140-50 zone. The market will probably not emerge from its 3 month trading range until after November 8. Even then I think there it too much bullish sentiment right now to support a swing above 2200.
QQQ: The 120 level is resistance and a drop below 117 will probably continue to 110.
TNX (ten year note yield): I think a substantial advance in yields is underway which should push the 10 year yield up to 2.50% or so.
Euro-US Dollar: I still think that the ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway. Resistance is 104-106. Next downside target is 95.
December Crude: Crude is in a bull market. Support at 40-41. Next upside target is 56-58.
December Gold: A bull market is underway in gold. Support is now at 1240. A drop visibly below 1240 would be long term bearish. Failing that the next upside target is 1420.
December Silver: Next upside target is 25.00. Support at 18.00 has failed but there is a secondary level at 17.00. If this fails too the longer term picture will become bearish.
Google: Support is 675. Upside target is 880.
Apple: I still think the bull market in APPL is intact. If it is AAPL is on its way to 135.
Facebook: Support is at 120. Next upside target is 145.
Twitter: Breakout support at 20 has failed and this means that TWTR is headed for 10.00.
Alibaba: Support is now at 98. Next upside target is 125.
Visa: Support is at 70. Upside target is 90-95.