September S&P E-mini Futures: Today’s range estimate is 1658-1674. This morning’s drop below 1670 may turn out to
be a genuine downside breakout from an extensive 1670-1705 trading range. If
so the ES is headed back to its June 24 low.
QQQ: If the market starts
accepting prices below 75 it is headed back down to 69 or lower.
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: It looks like a move up to 1.400 is
underway.
Dollar-Yen: The dollar-yen is headed for 107.00.
September Crude: Crude
is stalling at 108 resistance.
December Gold: I
think a rally of $200-300 is underway.
September Silver: The 18.00 level is 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: This
looks like a breakout above the high of a trading range which formed below 460
over the past few months. AAPL is now trading above its declining 200 day
moving average, another bullish clue. The 460 level is now support and as long
as it holds I think AAPL will continue its rally to 560 or so.
2 comments:
Even with todays gap down, the DIA from 6/24/2013 thru today remains riddled with unfilled gaps.....32% of the move up was from unfilled gaps. More importantly, longer-term, the unfilled gaps from the 3/9/2009 lows thru today are 24% of the entire move. Historically, this kind of base is eventually entirely filled ! As Stanley Druckenmiller says, the next move down will make the 2009 disaster look harmless.
I tracked unfilled gaps on my blog
http://kbsctrading.blogspot.com/
Assuming todays action is a breakaway gap, the target for the DIA is 14600.
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