Spiders - September S&P Futures: I now think the S&P’s are headed back to 1490 and the Spiders to 147.50. Once this reaction is complete the upside targets will be 1570 for the S&P’s and 155.50 for the Spiders.
QQQQ: The Q’s have reached 48.70. I still think the trend is upward and the next target is 50.00. Support stands at 47.50.
TLT - September Bonds: The bonds are headed to 108-20. Support in TLT is at 83.00 and the next rally should carry it to 86.50.
September 10 Year Notes: The next upside target for the notes is still 106-16. I think the market will rally at least 3 or 4 points from its low at 103-21.
Euro-US Dollar: Resistance is at 137.80 and any strength above that level will mean that the market will continue up to 140.00
Dollar-Yen: Next upside target for the yen is 125.50. Support is at 120.70. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – August Crude: I think crude is heading up to 76.20. XLE should rally further to 76 and OIH should hit 190. USO should move up to 56.50.
GLD - August Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. August gold should hold resistance at 665 and drop below 600.
SLV - July Silver: SLV is on its way below 120. July silver should stall at resistance near 1295 and is headed below the 1200 level.
Google: I think Google is headed for 564. Support now is at 525. Next upside target is 552.