Spiders - September S&P Futures: The S&P’s dropped to 1432.75 this morning, a little below my 1435 estimate for the end of the reaction which started at the 1566.25 level. Resistance today is at 1455 (145.00 in the Spiders) but I think the market has a good shot at 1430 (142.50 in the Spiders) today or tomorrow. From current levels the next big move will be upward to new highs for the bull market.
QQQQ: Support is at 46.50. Upside target later this year is 53.00.
TLT - September Bonds: The bonds probably won’t move above the 111-00 level before an extended drop to 103 begins. LT 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 today is at 138.50. Strength above there will make the next upside target 141.00.
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: The next upside target for September crude is the contract high at 80.30. Even so I still 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.
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