Spiders - September S&P Futures: I think the low for the drop from the June 1 top in the S&P’s occurred last Wednesday at 1492. Next upside targets are 1570 for the S&P’s and 155.50 for the Spiders. Support in the S&P’s is 1510 and in the Spiders is 149.80.
QQQQ: I think the Q’s are on the way to 48.70.
TLT - September Bonds: The bonds should rally to the next upside target at 108-20. I think the bond market is in the middle of a multi-week rally of at least 5 points. TLT should move to 86.50.
September 10 Year Notes: The notes should rally to 106-16. I think the market will rally several weeks and at least 3 or 4 points from its low at 103-21.
Euro-US Dollar: The market should stall near its last top at 136.80. I think that the market will eventually drop to 125 or lower before it goes as high as 138.
Dollar-Yen: Next upside target for the yen is 125.50. Support is at 122.30. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – August Crude: Crude has broken above its important 70.00 resistance level so I think it is now heading up to 76.20. If I am right about this XLE should rally further to 76 and OIH should hit 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. August gold should hold resistance at 665 and drop below 600.
SLV - July Silver: SLV is on its way below 120. July silver should stall at resistance near 1295 and is headed below the 1200 level.
Google: I think Google is headed for 564. Support now is at 512. Next upside target is 552.