September S&P E-mini Futures: Today’s range estimate is 1584-1604. At yesterday’s close bullish divergences were visible in my advancing issues oscillators. And this morning’s New York Times ran a headline about yesterday’s stock market drop. I think a rally of 30-40 points has probably started but will end in a lower top. After that the drop to 1550 should continue.
QQQ: Downside target is 70.00.
TNX (ten year note yield): The first upside yield target for the 10 year is 2.50% and has nearly been reached. I think the market will move past this level to 2.85% or so and eventually reach 3.50% over the next few months.
Euro-US Dollar: The market has resumed its move up to 1.4000. Support is at 1.3080.
Dollar-Yen: The dollar-yen is holding support at 94.50. The next upside target is 107.00.
August Crude: As long as crude does not spend much time above 100 I will stick with my view that it is headed below 70.
August Gold: Gold has nearly reached the upper edge of the 1200-50 downside target zone. Once it does I think a big rally will begin and carry the market back to 1500.
July Silver: Initial downside target is 20.00 has been reached. Resistance above the market is at 24.00.
Google: Support is at 800 and I think the next step up will carry GOOG to 975.
Apple: Next downside target is 350. Resistance is at 460.