December S&P E-mini Futures: The ES has reestablished itself above the 2700-10 support zone. There is resistance at 2744 and if the market clears that level I will be convinced that the drop from 2818 ended at 2671. In that case the ES is likely to continue upward past 2818 and eventually to new bull market highs.
QQQ: The drop from 187 may have ended but I won’t be convinced until the Q’s start trading above 170. In the meantime the downside target remains 155.
TNX (ten year note yield): Support remains at 2.70%. Next upside target is 3.50%. Rising interest rates are good news for the stock market because they signify that confidence in future growth is being restored. This in turn means that investors will try to put the huge supply of central bank liquidity to work in risky assets. This process will drive world wide stock market prices higher.
Euro-US Dollar: Downside target is 103.
Dollar-Yen: A swing up to 117 is likely.
West Texas Crude Oil: Downside target is 52.
Gold: Downside target is 1125and resistance is 1225.
Silver: Silver is headed for 12.50 and possibly lower.
Google: I think GOOG has ended its drop from its 1295 high. If not then 975 is the worst I see on the downside.
Apple: AAPL dropped below 198 support and is headed for 160.
Facebook: FB now headed for 125.
Twitter: TWTR has reestablished itself above 30 in the face of the tech massacre and is now likely to return to 48
Alibaba: There is a good chance that BABA has made its low in the 130-135 zone.
Visa: Support is now 125.