September S&P E-mini Futures: Today’s range estimate is 1581-98. The market has made a temporary low in the 1550-60 support zone. A rally to 1610 or so is likely and should then be followed by a move down to 1500. Right now bearish sentiment is not high enough to suggest that the drop from the May 22 top is over.
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 reached the 1200-50 downside target zone. I think a big rally will begin soon 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.