June S&P E-mini Futures: Today’s range should be similar to yesterday’s. I am expecting a low near 812 and a high near 835. A break below the 812 level on substantial volume would mean the at drop of 40-50 points has begun.
QQQ: The 29.00 level is support and I think the Q’s are headed for 35.00.
June Bonds: I don’t think the longer term bearish picture has changed. Resistance above the market is 132-16. Next downside target is 115.
June 10 Year Notes: I think a bear market in the notes is underway. Resistance above the market is at 125-20. Next downside target is 118.
Euro-US Dollar: I believe that the euro is headed for the 141.00 level. 130.50 is support.
Dollar-Yen: Then yen is headed for the 104.00 level.
May Crude: I think May crude is on its way to the 58.00 level.
GLD – April Gold: I think the market is headed below 700. Resistance above the market is at 955. A close above the 960 level will flip me back to the bullish column and mean that a move to 1100 is underway.
SLV - May Silver: Silver is still holding 1240 support but I think this level will soon be broken. If it is the market will be on its way below 800.
Google: I think that its drop from 747 is over. Support is at 290. Next upside target is 410.
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