Guesstimates on July 23, 8:50 am ET

Spiders - September S&P Futures: Resistance in the S&P’s today is at 1555 and I still think the market will drop to 1535 or a bit lower before this reaction is over. Resistance in the Spiders is 154.50 and the downside target is 152.50. Once the break is over I shall be expecting a move to 1596 and 158.50 respectively.

QQQQ: 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 still 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 – September Crude: Crude is getting close to the 76.20 target. XLE should rally further to 76 and OIH still has a shot at 190. The 57.80 level now looks like the ceiling for USO.

GLD - August Gold: I think GLD will drop below 60 on its way to much lower levels. Resistance in GLD is 68.50. It now looks like August gold will make it up to 695 before heading downward once more.

SLV - September Silver: SLV should bounce off of resistance near 133 and then drop below 120. September silver should stall at resistance near 1370 and then head below the 1200 level.

Google: I think the market will next find support near 497 and then resume its rally. Next upside target is 580-85. Google will trade above the 600 level later this year.