September S&P E-mini Futures: Today’s range estimate is 1637-50. The ES
put in a bullish day Friday in response to the bearish employment number. It
has put in nearly a complete retracement of the 4 day drop which followed the
last Fed meeting. This combination of straight-down followed by straight up
price action looks like a decisive rejection of the June 24 low point. This in
turn implies that the ES is headed above 1700, probably to my long standing
target of 1775.
QQQ: Upside target is 79.
TNX (ten year note yield): The upside yield target for the 10 year
is 2.85 % but I think the market will move past this level to 3.50% over the
next few months.
Euro-US Dollar: Support at 1.2950 was broken decisively
on the ECB interest rate guidance. I think the market is now headed for 1.2400.
Dollar-Yen: The dollar-yen has held support at
94.50. The next upside target is 107.00.
August Crude: Resistance
above the market is at 103. As long as crude does not spend much time above 100
I will stick with my view that it is headed below 70.
August Gold: Gold
has dropped a little below the 1200-50 target zone. There is short term support
near 1160 and I think a rally of$200-300 is underway.
September Silver: Initial downside target is 20.00 has been
reached and exceeded. The 18.00 level is now support and a rally to 24.00 or so
is underway.
Google: Support is at 800 and I think the next step up will carry
GOOG to 975.
Apple: Next
downside target is 350. Resistance is at 460.
1 comment:
Retracing a 4 day drop in 10 days is the sign of a weakening market...always has been, always will be. I'm amazed at how many unfilled gaps are present in the market....the longer term implications are horrific for this type action.
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