September S&P E-mini Futures: The ES is hovering above the 2451.50 top
but the dull, narrow trading leads me to expect a retreat back into the last
trading range. But the worst we are likely to see on the downside is a drop to
2431. Next upside target is 2500. I think the ES will trade well above this
level later in the year.
QQQ: Short term support is
at 136. This average is headed for 150.
TNX (ten year note yield): The 10 year yield has moved back above
its 200 day moving average. If it can stay above the 2.15% level then I think
deflationary fears have been put aside and the trend upward to a 3.00% yield
will continue.
Euro-US Dollar: The ECB’s QE policy will ultimately drop
the Euro below par. The 113-117 zone is long term resistance.
Dollar-Yen: A new bull market is underway. Support now
is at 108. Upside target is 126-27 then 136
West Texas Crude Oil: Resistance is at 48. Downside target is
36-38.
August Gold: Resistance
is at 1305. I still think Gold is headed back to its 1035 low.
July Silver: Silver is headed for 13.00 and below.
Google: Upside target at 1010 was nearly reached but the bull market
is still going strong. Next upside target will be 1070. Support is at 900.
Apple: AAPL
is on its way to 162. Support is at 144.
Facebook: Support at 140. Next upside target is 160.
Twitter: Resistance at 20 is likely to stop any rally. A move back
above that level would have longer term bullish implications. Until then TWTR
is headed for 10.00.
Alibaba: I think BABA will soon rally into the 160-65 zone.
Visa: Next upside target is 105. Support is at 90.
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