Spiders - June S&P Futures: I still think the Spiders are on their way down to 151.90 and the futures to 1519. From those levels the futures should rally to 1555 and the Spiders to 155.50.
QQQQ: The Q’s should find support near 46.70 and then rally to 49.00.
TLT - September Bonds: I think that this market is headed for 107-16. Resistance above the market is at 109-14. TLT will follow the trend in the bonds and will probably drop to 85.00.
September 10 Year Notes: The notes are headed for 104-20. Resistance above the market is at 107-08.
Euro-US Dollar: An extended decline is underway. Initial downside target is 133.50 but I think that the market will eventually drop to 125 or lower. Meantime resistance is at 135.40.
Dollar-Yen: The yen is headed for 123.50. Support is at 121.10. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – July Crude: I think XLE is making a top near 68 and that OIH is making its top near 173. The next significant move in both will be downward. USO should drop to 45 or lower after bouncing off of 50.60 resistance. July crude has completed a rally phase and is now headed down to 55.00 and eventually lower than that.
GLD - August Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. August gold should hold resistance at 696 and drop below 600.
SLV - July Silver: SLV is on its way below 120. July silver is headed below the 1200 level.
Google: I think Google is headed for 564. Google should hold support near 487. Next upside target is 535.