Spiders - September S&P Futures: Short term resistance still stands at 1460 and I think a drop to 1400 or so will develop before a move to new bull market highs begins. Spider resistance is 146.00 and support is 140.00.
QQQQ: Short term resistance in the Q’s stands at 47.00. Support is at 45.00. Later this year the Q’s will go to new bull market highs.
TLT - September Bonds: I think an extended drop all the way down to 103 has started. The 110-28 level is still resistance and the next short term support is at 108-08. TLT shows strong resistance near 87.50 and should soon begin a drop to 80-81.
September 10 Year Notes: The notes have begun a drop to 102 or so. Resistance stands at 109-08.
Euro-US Dollar: Resistance above the market stands at 136.00. Short term support stands near 133.00. I think this market is headed to 126.00 and eventually lower than that..
Dollar-Yen: The yen should encounter resistance at 115.20 then drop to 110.50. Looking ahead several months I expect to see the 130 level late this year or early next.
XLE - OIH - USO – October Crude: It looks like crude oil has started a big move downward. The 66.00 level is the initial target but I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 57.80 level looks like the ceiling for USO.
GLD - December Gold: I think gold has started a decline which will carry it to 500 and below.
SLV - September Silver: Silver has started a drop which will carry it below 900.
Google: I think support near 485 will hold and that a rally to 600 or higher will begin soon.
4 comments:
I think the american public is not invested to the extend they were 2000 and therefore do not care all that much if we have Dow 12 or 14.000. It is the so called sophisticated 7/figure investor that has invested interest.
Sentiment numbers or headlines from the press should be looked upon in a different way.
Dear Carl,
1460 resistance on S&P is what you mentioned before correcting down to 1400 and then a new Bull mkt highs.
Instead of the obvious 1460 resistance,do you see any pattern of breaching that and going till 1522( by sep 5th) and then correct down to 1364 for a new Bull Mkt. highs ?
Regards
Rhino
Carl,
Thanks for your good work. Could you update your domed house chart with the current action? thanks!
Rhino,
I assume you are talking about the inverted H&S pattern ?
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