December S&P E-mini Futures: Today’s day session range estimate is 1661-1674.
The S&P 500 is on the verge of slipping below its 50 day moving average,
thus joining the Dow which is below its 50 day moving average and moving me to
the bear side of the market. If this happens the prognosis would be for at
least a drop to 1599 where the break from the September 19 top would equal the
size of the May-June drop.
QQQ: The Q’s have been
much stronger than the other averages. Support is at 75. Upside target is still
86.
TNX (ten year note yield): I think the market will move to 3.50%
over the next few months.
Euro-US Dollar: The Euro is headed for 1.4000.
Dollar-Yen: The dollar-yen is headed for 107.00.
November Crude: Crude
has put in the biggest break since the April 2013 low. I think crude is headed
back to that low at 86 and possibly lower than that.
December Gold: The
market is now headed below 1200.
December Silver: The market is now headed for 15.00.
Google: Support is at 800 and I think the next step up will carry
GOOG to 975.
Apple: The
midpoint of the rally to 513 stands at 450. A close below 450 would mean that
AAPL is headed below 385. In the meantime I will maintain my bullish stance.
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