Guesstimates on August 22, 2011

September S&P E-mini Futures: Today's day session range estimate is 1126-1159. Strength above 1159 would mean that the ES is now headed above1206. Otherwise I will stick with my view that I think the ES first will drop to 1098-1103. From there a rally to 1220-30 is likely.

QQQ: Support is 50.00 and upside target is now 58.

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 near its historical low but will soon start a move to 4.50%.

Euro-US Dollar: I think this market is now headed for 1.5300. Support remains at 142.00.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 80.00.

August Crude: Crude has dropped as low as 75. Resistance above the market is now at 92 and the next step down should take it to 70. I think this is a bear market in crude which is likely to continue down into the 50-60 range.

GLD – December Gold: Next stop is1960

SLV - September Silver: Resistance is at 41.00. Any strength above 43.00 would mean that the move will continue above 50.00.

Google: Google has broken well below 530 support. I think much bigger drop than I expected is underway. Downside target is 375.

Apple: Upside target is 435. Support is at 345.