September S&P E-mini Futures: Switching to the September contract today. Sept is trading about 4 points below June. I think yesterday’s afternoon rally represented a rejection of prices below the 930 level. If so the short term trend has turned up again. Today I shall lean on the 935 level (basis September contract) which is the midpoint of yesterday’s day session trading. As long as the market doesn’t spend much time below that level I will be thinking that it is now on its way into the 965-980 range. I estimate today’s day session range will extend from 935 to 950.
QQQ: Support is at 34.50. The next upside target is 39.90.
September Bonds: The 113-00 target has been reached but there is now sign yet of a low. Resistance stands at 116-08. A bear market is underway in the bonds.
September 10 Year Notes: The downside target at 113-00 has been reached. There is no sign of a significant low. Resistance above the market stands at 115-16. I think a bear market in the notes is underway.
Euro-US Dollar: There is no sign of a top. Support is at 137.50 and I think the market will continue upward to 146.00.
Dollar-Yen: The yen will probably drop to 91.50 and then begin a move up to 105.00.
July Crude: Support is at 64.00 and continuation up to 75.00 is likely.
GLD – August Gold: The market is headed for new highs near the 1050 level.
SLV - July Silver: Silver is headed to 1700.
Google: Support is at 395. Next upside target is 500.