Spiders - September S&P Futures: I think the S&Ps and the Spiders have started moves to their next upside targets which are 1570 for the S&P’s and 155.50 for the Spiders.
QQQQ: I think the Q’s have begun a move up to 48.70.
TLT - September Bonds: The market is headed for 107-20 and eventually higher than that. Support is at 105-18. I think the bond market has made an important low and is in the early stages of a multi-week rally of at least 5 points. TLT should hold support near 82.80 and then move to 86.50.
September 10 Year Notes: The notes are headed for 105-18. I think the market has established an important low and will rally several weeks there and at least 3 or 4 points.
Euro-US Dollar: Resistance today is still at 134.50. Next downside target is 131.30. I think that the market will eventually drop to 125 or lower.
Dollar-Yen: Next upside target for the yen is 125.50. Support is at 122.30. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – August Crude: I still think this sector is making an important top. Resistance in XLE is now at 71 and in OIH is at 177. The next significant move in both will be downward. USO should drop to 45 or lower after bouncing off of 51.40 resistance. August crude should bounce off of resistance at 70.00 and then head down to 55.00 and eventually lower than that.
GLD - August Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. August gold should hold resistance at 696 and drop below 600.
SLV - July Silver: SLV is on its way below 120. July silver is headed below the 1200 level.
Google: I think Google is headed for 564. Support now is at 512. Next upside target is 552.
1 comment:
this week we will break 1500 in the SP ........ wishful thinking to hope for 1570.
Daily Highs and Lows too extreme
Post a Comment