Spiders - September S&P Futures: Upside targets are 1570 for the S&P’s and 155.50 for the Spiders. Support in the S&P’s is 1523 and in the Spiders is 151.00.
QQQQ: The Q’s have reached 48.70. I still think the trend is upward and the next target is 50.00. Support stands at 47.50.
TLT - September Bonds: The bonds didn’t hold support at 106-20 and now are headed a point lower to 105-20. I still think the market will rally to 108-20 and higher once this reaction is complete. Support in TLT is at 83.00 and the next rally should carry it to 86.50.
September 10 Year Notes: Support is now at 104-16 and 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: The market is stalling 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 525. Next upside target is 552.