Guesstimates on May 22, 2009

June S&P  E-mini Futures: The U.S. markets will be closed Monday and trading activity is likely to slow to a crawl this afternoon. I think today’s range will be 885-900. Increasing volume above the 900 level would mean that a move to 952 is underway.

QQQ: Support is 32.50.  Once the reaction is over the next upside target will be 39.90.   

June Bonds: A bear market is underway in the bonds. Resistance is at 125-00. Next downside target is 115.  

June 10 Year Notes: I think a bear market in the notes is underway. Resistance is at 122-16. Next downside target is 118.

Euro-US Dollar: The euro is headed up to 140.00.  

Dollar-Yen: The yen will probably drop to 91.50 and then begin a move up to 105.00.   

July Crude: Current upside target for crude is 64.00.  Support stands at 57.00.

GLD – June Gold: The market has traded above 945 for two consecutive days. This means that it is headed for new highs near the 1050 level.

SLV - July Silver: Silver moved above 1450 resistance and is now headed higher to 1700.

Google: Support is at 360. Next upside target is 450.