September S&P E-mini Futures: Today's day session range estimate is 1264-79. I think the drop from the May 2 top at 1368 (Sept contract) ended on June 16 at 1252.25. My advancing issues oscillators are still oversold and are showing bullish divergences. Sentiment is still very bearish. A sustained swing up to above the 1400 level is underway.
QQQ: Upside target is 63.00.
TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.
TNX (ten year note yield): The 10 year yield is headed for 4.50%.
Euro-US Dollar: The Euro is headed down below its recent low to the 137.50 level. Resistance above the market is at 142.60. But a New York close above 142.60 would force me to abandon the 137.50 target and move back to the bullish camp.
Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 82.45.
August Crude: It looks like the trend is downward. Next target is 87.00.
GLD – August Gold: Gold appears on its way to new highs. Upside target is 1630. Support is at 1430.
SLV - July Silver: Resistance in silver is 41.50. An strength above 43.00 would mean that the market is headed above 50.00.
Google: GOOG has dropped below 495 support. I expect a recovery above that level this week, but failing that a move to 440 will be in the cards. I still think that the next big development will be a move to 700 and above.
Apple: APPL has reached support at 318 and now should begin a move to 430.