September S&P E-mini Futures: I think the market's action yesterday and early this morning is telling us that a 50 point drop is in the works. A close today below the 1111 level would confirm this prognosis. Today's range estimate is 1102-1122. Even so, I still think that a new upward leg in the bull market started from the 1003 low made July 5.
QQQ: A new upward leg in the bull market has started. Initial target is 47.50.
TYX (thirty year bond yield): Long term support is at 3.85%. The bonds will soon begin a move to 5.40%.
TNX (ten year note yield): Long term support is at 2.90%. I think that the notes will soon begin a swing up to 4.50%.
Euro-US Dollar: A move into the 135-40 zone is underway.
Dollar-Yen: A rally to 100.00 is underway. Support is now at 85.50.
September Crude: I still think crude oil is headed for 50.00.
GLD – December Gold: The odds are that the market will continue upward to 1320. But any weakness below 1150 will mean that a drop to 875 has begun.
SLV - September Silver: I think silver will rally to 21.50 and then begin a move to 10.oo.
Google: The 470 level is now support. A move that should take GOOG above 700 will begin soon.
Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.