September S&P E-mini Futures: Yesterday’s break lasted only about an
hour but so far the ES has been unable to reestablish itself above 2469, the
midpoint of the drop. Unless and until it does another down leg is likely.
Support then will be at 2450. The ES is likely to trade well above 2500 by the
end of the year.
QQQ: Short term support is
at 136. This average is headed for 150.
TNX (ten year note yield): If the 10 year yield 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 old top at 117 has been slightly
exceeded but not by enough to convince me that resistance there has failed.
Consequently I still think the next big move will be downward from here. A drop
below 103 is still in the cards.
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: The upside target at 180 has nearly been reached. I think FB
will have a hard time moving much past that level for a while. Meantime support
is at 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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