Spiders - September S&P Futures: I think the S&P’s will rally into the 1500-10 zone before a significant swing downward develops. Meantime support is at 1450. I also think the market will drop into the 1400-25 zone before it moves to new bull market highs. Resistance in the Spiders is 150-151 and support is 145.
QQQQ: Short term upside target is 49.00. Support is at 46.50. Later this year the Q’s will go to new bull market highs.
TLT - September Bonds: The bonds should rally to 111-28 before a drop to 103 can start. TLT will probably rally to 89.00 but then will begin a drop to 80-81.
September 10 Year Notes: I still think the notes have a shot at 109-28 before they begin a drop to 102 or so.
Euro-US Dollar: Resistance above the market stands at 136.60. I think this market is headed to 126.00 and eventually lower than that..
Dollar-Yen: I no longer think the yen will drop below it 111.57 low. Resistance is at 117.20 and the next break should hold above the 112.00 level. Looking ahead several months I expect to see the 130 level late this year or early next.
XLE - OIH - USO – October Crude: The 66.00 level is the initial target for this downswing in crude but I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 51.00 level looks like temporary support in USO.
GLD - December Gold: Resistance above the market is at 683. I think gold has started a decline which will carry it to 500 and below.
SLV - September Silver: Resistance above the market is at 1230. Silver has started a drop which will carry it below 900 and SLV should drop below 90.
Google: I think support near 485 will hold and that a rally to 600 or higher will begin soon.
1 comment:
Sometimes things don't work out quite the way we planned. Missed 1500 by wide margin, 1450 isn't holding today. Time to re-evaluate?
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