December S&P E-mini Futures: I think the Trump Slump ended at the 2028.50
low on election night. A swing up to 2200 or above is underway. Support is at
2143. Next resistance is in the 2184-91 zone defined by the August high points.
The market is likely to trade within the 2143- 2185 range for at least one more
week if not longer.
QQQ: The 120 level is still resistance.
TNX (ten year note yield): A substantial advance in yields is
underway which should push the 10 year yield up to 2.50% and eventually higher
than that. The 10 year yield is now well above its 200 day moving average which
suggests that a sustained rise in yields is underway. I think this
paradoxically is a very bullish omen for world stock markets.
Euro-US Dollar: The ECB’s QE policy will ultimately drop
the Euro below par.
Dollar-Yen: A bear market is underway. The market is
close to strong secondary resistance at 108. Any strength above 108 would
negate my bear market prognosis.
December Crude: Crude is in a bull market. Support is
still at 40-41. Next upside target is 56-58.
December Gold: The
foundations of this bull market in gold have started to shake. Support at 2140
apparently has failed. Should gold spend several days trading below 1220 I will
conclude it is headed for 1035. Failing that the next upside target is 1420.
December Silver: So far 17.00 support is holding. Should it
fail and the market spend several days below that level I will conclude that it
is headed down to 13.00 and lower.
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 at 120 has failed but this reaction is likely to
halt at 112. Next upside target is 145.
Twitter: Breakout support at 20 is likely to stop the current rally. 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.
No comments:
Post a Comment