Guesstimates on June 20, 2011

September S&P E-mini Futures: Today's day session range estimate is 1250-1265. I expect the drop from the May 2 high to end this week. My advancing issues oscillators are oversold and are showing bullish divergences. Sentiment is very bearish. A sustained swing up above the 1400 level will be the next significant development.

QQQ: Upside target is 63.00.

TYX (thirty year bond yield): The 30 year bond yield is on its way to 5.40%.

TNX (ten year note yield): The 10 year yield is headed for 4.50%.

Euro-US Dollar: The break during the past three days has been much bigger than I expected. I think this means that the Euro is headed down below its recent low to the 137.50 level. Resistance above the market is at 143.20.

Dollar-Yen: The market is headed down to 70.00. Resistance above the market is at 82.45.

July Crude: It looks like the trend is downward. Next target is 87.00.

GLD – August Gold: Gold appears on its way to new highs. Upside target is 1630. Support is at 1430.

SLV - July Silver: Resistance in silver is 41.50. An strength above 43.00 would mean that the market is headed above 50.00.

Google: GOOG has dropped a little below 495 support but it would have to spend several days below there before even lower prices become likely. I still think that the next big development will be a move to 700 and above.

Apple: APPL has reached support at 318 yesterday and now should begin a move to 430.