June S&P E-mini Futures: Early this morning the ES gave back almost all of yesterday's rally. This weak action leads me to believe that the market will drop below last week's 1177 low, probably down into the 1162-68 zone. Today's range estimate is 1178 - 1192. Even so, I think a swing to 1270 will begin soon.
QQQ: A move up to 54.00 is underway.
TYX (thirty year bond yield): I think this market is headed for 5.40%.
TNX (ten year note yield): I think that the market has begun a swing up to 4.50%.
Euro-US Dollar: Support is near 131.00. Resistance above the market is at 141.00. Looking further ahead I think that a drop to 125 is likely over the coming months.
Dollar-Yen: A rally to 100.00 is underway. Support is at 90.00.
June Crude: I still think the next big move will take crude oil to 50.00.
GLD – June Gold: The longer term trend has turned downward. Resistance is at 1187. I expect gold to drop to 875 over the next few months.
SLV - July Silver: I think silver has started a down move that will carry it to 10.00 over the next few months. Resistance is now 19.00.
Google: A move that should take GOOG above 700 is underway. It now looks like the drop from the temporary high at 630 will continued down to 505.
Apple: Should reach 350 (at least) before the bull market ends. Support is at 240.