Guesstimates on July 24, 8:15 am ET

Spiders - September S&P E-mini Futures: The market reached resistance at 1290 yesterday and I think the next development will be a break of 40-50 points. Support is still at 1239. I also think the market is in the early stages of a rally which will carry it to 1500 over the next several months.

QQQ: Support remains at 44.00. Resistance stands at 47.50.  During the next few months the market should rally to 55 or higher.    

TLT - September Bonds: The trend has turned downward once more and the bonds are headed for 109. 

September 10 Year Notes: The trend has turned downward and the notes are headed for 108.   

Euro-US Dollar: The trend has turned downward in the euro and I think the market is headed for 135. 

Dollar-Yen: A rally to 112.00 is now underway.  Support is at 105.00. 

XLE - OIH - USO – September Crude: Crude broke below 133 support so I think that it is now headed for 100. The 133 level is now resistance. 

GLD - August Gold: Gold broke below 935 support yesterday so now I think it is headed for 750.   

SLV - September Silver: A break below 1750 support will mean that the market is headed for 1250. 

Google: The 460-80 range is good support and I expect the market to hold there and begin a move which will carry it over 750.