September S&P E-mini Futures: I am again estimating a day session range for today of 880-900. The 904 level is strong resistance. If the e-minis show good upside volume above that level I shall conclude that the drop from the June high at 953 is over.
QQQ: Support is at 35.00. The next upside target is 39.90.
TYX (thirty year bond yield): From its December ’08 low at 2.52% the yield on the long bond rallied to 5.07% on June 10. At the moment it stands at 4.40% I think that a drop into the 4.10-4.20 zone is underway and from there the TYX will climb back above the 5.00% level.
TNX (ten year note yield): From its December ’08 low at 2.04% the 10 year yield rallied to 4.01% on June 10 and is currently at 3.66%. I think it will drop a bit further, to 3.40% or so before resuming its move to levels well above 4.00%.
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.
August Crude: Support is at 68.00. We think the market is forming a top in the 70-75 range and that the next substantial move will be downward.
GLD – August Gold: The market is headed for new highs near the 1050 level. Support is at 920.
SLV - July Silver: Silver is headed to 1700. Support is at 1385.
Google: Support is at 395. Next upside target is 500.