September S&P E-mini Futures: Today’s range estimate is 1655-1669. The
market has retraced all and more of the 4 day drop which followed the last Fed
meeting. This combination of straight-down followed by straight up price action
looks like a decisive rejection of the June 24 low point. This in turn implies
that the ES is headed to my long standing target of 1775 and possibly higher.
QQQ: Upside target is 79.
TNX (ten year note yield): The upside yield target for the 10 year
is 2.85 % but I think the market will move past this level to 3.50% over the
next few months.
Euro-US Dollar: I think the market is now headed for 1.2400.
Resistance above the market is at 1.3280
Dollar-Yen: The dollar-yen has held support at
94.50. The next upside target is 107.00.
August Crude: Crude
has nearly reached 108u resistance.
August Gold: I
think a rally of$200-300 is underway.
September Silver: The 18.00 level is now support and a
rally to 24.00 or so is underway.
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.
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