Spiders - September S&P E-mini Futures: I thought that the market was in a trading range but the drop through 1300 yesterday contradicted my expectation. The next support on the way down in 1272. There are emerging bullish divergences in the 5 and 10 day moving averages of advancing issues (click on My Charts on the right hand side of this blog). I still think that the March low at 1253 in the futures will hold and that the next big move will be upward to 1500.
QQQ: I think the Q’s will hold support in the 45-46 range and then begin a rally to 55.
TLT - September Bonds: I don’t see any sign of an important low shaping up so I think the bonds will drop to 109-110 before turning upward again. Resistance stands at 115 and a close above there will turn me bullish.
September 10 Year Notes: The notes have reached the 111 level but there is still no sign of a significant low. I think the market will continue down to 109. Resistance stands at 113-24 and a close above there will turn me bullish.
Euro-US Dollar: Resistance is still at 158.00. I think the market is on its way to 140.
Dollar-Yen: The yen is headed for 112.00. Support is now at 103.00.
XLE - OIH - USO – August Crude: Long term resistance remains in the 135-37 range and makes me think that the market’s next big move will be downward into the 112-115 zone. A close above 140 will change my mind about this prognosis and mean that the market is headed for 160-165.
GLD - August Gold: Gold closed above 910 resistance yesterday so I think the market is headed back to 1000.
SLV - July Silver: I think the trend in silver is downward and will carry the market at least to 1400. Resistance above the market is at 1760. It is holding so far but a close above there will turn me bullish.
Google: Yesterday’s general market weakness now makes me think that my revised target at 525 will no hold and that GOOG will drop into the 500-510 range as I originally thought it would. I think GOOG will then begin a move to 750 or above.