September S&P E-mini Futures: The rally from yesterday’s low will probably continue to 2022 or so. From there another drop of at least 70 points is likely. I don’t think the drop from last Thursday’s 2119.50 top has lasted long enough to rebuild the wall of worry so it probably has quite a bit further to go.
QQQ: The 112 level is resistance and support is at 104.
TNX (ten year note yield): A drop back to the 2012 low at 1.39% looks very likely.
Euro-US Dollar: The Euro turned downward without moving above last year’s 1.17 top and I still think that the ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway. Last night the yen traded down to 99.00. A rally to 104-06 is likely. Next downside target is 95.
August Crude: Crude is in a bull market. Next upside target is 55. Support is at 45.
August Gold: A new bull market has begun in gold. The upside target at 1365 has been reached. Support is now at 1250. Next upside target is 1420.
July Silver: Resistance at 18.00 has been reached. Support is at 16.00 and next upside target is 20.00.
Google: Support is 675.
Apple: I still think the bull market in APPL is intact. However should AAPL start spending time below 90 I think continuation down to 70 will become likely.
Facebook: Upside target is 125-127. Meantime support is at 110.
Twitter: Twitter should drop to 10. Resistance is at 16.25.
Alibaba: Now headed back to 86.
Visa: Support is at 70. Upside target is 90-95.