Spiders - September S&P Futures: The S&P’s have dropped back to the the low of the trading range which is 1432.25. I think they will go a little lower to 1425 and then rally back to the top of the range near 1500.
QQQQ: Support is at 46.90. Upside target later this year is 53.00.
TLT - September Bonds: I think an extended drop all the way down to 103 has started. The 109-28 level is resistance. TLT shows strong resistance near 87.50 and should soon begin a drop to 80-81.
September 10 Year Notes: The notes have strong resistance at 107-24 and have begun a drop to 102 or so.
Euro-US Dollar: Resistance today is again at 138.50. Strength above there will make the next upside target 141.00.
Dollar-Yen: The 117.50 to 119.00 is strong support in the yen and I think a low will form there and be followed by a move to 130.
XLE - OIH - USO – September Crude: It looks like crude oil has started a big move downward. The 66.00 level is the initial target but I think that the market will drop below 50.00 over the next 12 months. Both XLE and OIH are headed much lower. The 57.80 level looks like the ceiling for USO.
GLD - December Gold: I will stick with my 705 upside target for the futures unless gold shows weakness below the 660 level. In any case the next 100 dollar move should be down. I think GLD will drop below 60 on its way to much lower levels. Resistance in GLD is 68.50.
SLV - September Silver: Weakness below 1250 in the futures will convince me that an extended drop has started. Meantime I shall stick with my1370 upside target. SLV should bounce off of resistance near 133 and then drop below 120.
Google: I think the market will hold support near 497. Next upside target is 580-85. Google will trade above the 600 level later this year.