Spiders - September S&P E-mini Futures: The S&P’s will probably drop to 1262 today but the subsequent rally should take the market to 1310 and be the initial leg up to 1500. The 10 and 20 moving averages of NYSE issues are below the low established last March and November while there is currently a bullish divergence in the 5 day moving average. The longer term oscillators shown on the MY CHARTS link on the right hand side of this blog are also showing bullish divergences relative to the low levels reached in March.
QQQ: I think the Q’s will hold support in the 45-46 range and then begin a rally to 55.
TLT - September Bonds: The bonds are now headed upward to 118-00.
September 10 Year Notes: The notes are now headed for 117-16.
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: Crude is headed for 160-165.
GLD - August Gold: I think the market is headed back to 1000.
SLV - July Silver: Resistance above the market is at 1760. It is holding so far but a close above there will turn me bullish.
Google: GOOG will drop into the 500-510 range and will then begin a move to 750 or above.