Thursday Market Commentary

Stocks - As previously forecasted the major market indexes are now hitting, testing and breaking their major price supports now. The Dow is now slightly below it's 18,000 support at 17,959.64. The SP500 has broken it's 2,218 major support at 2,097.94. The Russell 3000 has also broken its major support of 1,252.98 at 1,236.99. With volatility and options put-call ratio increasing fast the stockmarket is forecasted much lower now. The downside forecast for the Dow is 17,000, SP500 is 1,991, and the Nasdaq is 4,656.51.

Bonds - The 30 Year US T-Bond has now hit the low 161 area which was previously forecasted. The forecast now is for price support coming in at the 160 area with a very possible short-term bounce higher. More daily price action is needed to forecast the amount of this forecasted short-term bounce higher and the longer term decline forecasted later on.

US Dollar Index - The US dollar index has had a two day sell-off. The forecast is for the USD index to find support again and continue higher to 100.51 and possibly higher. 96.00 is major price support for this bullish forecast to stay in effect. Conversely the EURUSD recent upside bounce is nearing it's end and is forecasted to continue lower again to 1.0450 and possibly lower.  

Gold - Current price support for gold is 1242.65. The near-term gold forecast is for prices to carry higher to the 1,434 to 1,500 area. Short-term gold is forecasted higher and longer-term it's forecasted lower after it reaches the 1,434 to 1,500 forecasted price range.