September S&P E-mini Futures: Today’s range estimate is 1560-1584. The market is approaching the 1550-60 support zone. Right now bearish sentiment is not high enough to suggest that the drop from the May 22 top is over. So the next rally will probably be 50 points or so and be followed by new reaction lows. QQQ: Downside target is 70.00 has been reached but there is still no sign of a low. Next support is 66.50.
TNX (ten year note yield): The first upside yield target for the 10 year is 2.50% and has been reached and exceeded. Next target is 2.85 % and I think the market will move past this level to 3.50% over the next few months.
Euro-US Dollar: The market has resumed its move up to 1.4000. Support is at 1.3080.
Dollar-Yen: The dollar-yen is holding support at 94.50. The next upside target is 107.00.
August Crude: As long as crude does not spend much time above 100 I will stick with my view that it is headed below 70.
August Gold: Gold has nearly reached the upper edge of the 1200-50 downside target zone. Once it does I think a big rally will begin and carry the market back to 1500.
July Silver: Initial downside target is 20.00 has been reached. Resistance above the market is at 24.00.
Google: Support is at 800 and I think the next step up will carry GOOG to 975.
Apple: Next downside target is 350. Resistance is at 460.