December S&P E-mini Futures: Today's day session range estimate is 1187-1207. The ES is now headed for 1230-40. From there the drop to 950 or so should resume.
QQQ: Now headed below 50.00.
TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.
TNX (ten year note yield): The 10 year yield is near its historical low but will soon start a move to 4.50%.
Euro-US Dollar: The market has stalled near 1.3850 resistance but I now think a further rally to 140.50 or so is in the cards before the drop to 1.2000 resumes.
Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.
October Crude: Resistance above the market is at 92 and the next step down should take it to 60. I think this is a bear market in crude which is likely to continue down into the 50-60 range.
GLD – December Gold: Gold s headed for 2060. Support is at 1740.
SLV - December Silver: A move to 50.00 and higher is underway.
Google: I think much bigger drop than I expected is underway. Downside target is 375.
Apple: Upside target is 435. Support is at 345.
3 comments:
hey carl it has moved below 1187 should be wait for 1 or 2 hrs to confirm this downtrend..
seeing more and more of George lindsay doomed house across the blog universe.... could it be a contrary indicator?...
I think that we are in Wave B of the final rally within a double zigzag off the 8/9 low. The double zigzag is probably Wave 2 within C of the cyclical bear market.
I am also considering the possibility of an upside-down Three Peaks Domed House, with the "three lows" in March -June, a "separating rally" into July, and perhaps the market is doing the five reversals now?
While I think that the bear market low will be established by the end of the year, there is likely to be a sharp correction or retest in early-mid 2012. Thus, some cyclical patterns might come to a conclusion in 2012 instead.
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