September S&P E-mini
Futures: Today's
range estimate is 1372-85. The ES is
headed for the 1405-1420 range.
QQQ: A move to 76 is underway.
TNX (ten year note
yield):
The 10 year yield is trading below the low of its recent multi-month trading
range. The next significant move should bring yields up to 3.00% and higher.
Euro-US Dollar: Resistance above the
market remains at 1.2760. The market looks like it is on its way to 1.1900. Draghis's
promise to save the EU is long term bearish for the currency because it will
require an expansion of euro liquidity relative to dollar liquidity.
Dollar-Yen: This market is headed
for 75 and lower.
September Crude: The market has reached resistance at 93. I think the next development will be a
resumption of the bear market in crude. Next downside target is 66.
GLD – December Gold: The
market has dropped to the vicinity of the September and December low points at
1544 and 1529. I think a sustained up move is underway.
SLV - September Silver: A sustained move up is
underway.
Google: Google held support
near 562 and now is headed up to 750.
Apple: I
think the market is headed above its 644 top and probably to 690-700. Support stands at 560.
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