Spiders - September S&P Futures: The S&P’s only made it down to 1543, shy of my 1537 target but the subsequent strength indicates that the reaction is over and that the market is on its way to 1596. The Spiders are headed for 158.50.
QQQQ: The Q’s have reached the short term target at 50.00. Support is at 49.00. Next upside target is 53.00.
TLT - September Bonds: The bonds are headed to 108-20. Support in TLT is at 83.00 and the next rally should carry it to 86.50.
September 10 Year Notes: The next upside target for the notes is still 106-16. I think the market will rally at least 3 or 4 points from its low at 103-21.
Euro-US Dollar: Resistance at 137.80 is stalling the market but any strength above that level will mean that the market will continue up to 140.00
Dollar-Yen: Next upside target for the yen is 125.50. Support is at 120.70. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – August Crude: Crude is getting close to the 76.20 target. XLE should rally further to 76 and OIH still has a shot at 190. USO should move up to 56.50.
GLD - August Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. Resistance in GLD is 66. August gold has moved well above its resistance at 665 but GLD and silver are still holding their resistance levels, so I think 675 will end the rally in gold.
SLV - September Silver: SLV should bounce off of resistance near 133 and then drop below 120. September silver should stall at resistance near 1330 and then head below the 1200 level.
Google: Next upside target is 580-85. Support is at 532. Google will trade above the 600 level later this year.