September S&P E-mini Futures: Today I'll be watching the market's action relative to two recent lows: The May 26 low at 1036.75 and the June 8 low at 1041.75. A break below either of these lows followed by a fast, substantial rally would mean that the trend has turned upward. I estimate today's day session range will be 1034-1054. I think that a new upward leg in the bull market started from the 1003 low made July 5.
QQQQ: A new upward leg in the bull market has started. Next upside target is 50.00.
TYX (thirty year bond yield): The thirty year yield has dropped well below long term support at 3.85%. I think the market is at a juncture like that of December 2008 - fast drop in yield that will be followed by a fast rise. The bonds will soon begin a move to 5.40%.
TNX (ten year note yield): The 10 year yield has dropped more than I expected. Still, I think the next big move in yields will be upward. I think that the notes will soon begin a swing up to 4.50%.
Euro-US Dollar: Support is at 126.00 and from there a move into the 135-40 zone should start.
Dollar-Yen: The yen broke decisively below its 85.50 support. A drop into the 78.00 - 79.00 range is underway and I think an important low will form in that zone.
October 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 440 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.