Guesstimates on July 31, 9:00 am ET

Spiders - September S&P Futures: The S&P’s have rallied nearly 40 points from yesterday’s early morning low at 1455 but should encounter resistance in the 1500-05 zone (Spider resistance is at 149.50). The next development should be a break to 1465 (146.00 Spiders) followed by another rally attempt. Looking a little further ahead I think we shall see the S&P’s drop to 1435 (143.00 Spiders) over the next 10 days. Once this reaction is complete I believe that the stock market will rally to new bull market highs.

QQQQ: Support is at 47.60. Next upside target is 53.00.

TLT - September Bonds: The bonds should soon begin an extended drop to 103 or so. The 110-00 level is strong resistance. TLT shows strong resistance near 87.50 and should soon begin a drop to 80-81.

September 10 Year Notes: The notes have strong resistance at 107-24 and should soon begin a drop to 102 or so.

Euro-US Dollar: Resistance at 137.80 is still stalling the market but any strength above that level will mean that the market will continue up to 140.00

Dollar-Yen: The 117.50 to 119.00 is strong support in the yen and I think a low will form there and be followed by a move to 130.

XLE - OIH - USO – September Crude: Resistance is 76.90 and I am guessing that crude oil will stall there. I think the next substantial move from here will be downward to the 66.00 level. XLE has reached 76 and OIH has reached 190 and both are headed lower. The 57.80 level looks like the ceiling for USO.

GLD - December Gold: I will stick with my 705 upside target for the futures unless gold shows weakness below the 660 level. In any case the next 100 dollar move should be down. I think GLD will drop below 60 on its way to much lower levels. Resistance in GLD is 68.50.

SLV - September Silver: Weakness below 1250 in the futures will convince me that an extended drop has started. Meantime I shall stick with my1370 upside target. SLV should bounce off of resistance near 133 and then drop below 120.

Google: I think the market will hold support near 497. Next upside target is 580-85. Google will trade above the 600 level later this year.