June S&P E-mini Futures:
Today's
day session range estimate is 1350-1364.
The ES has spent the European session this morning entirely below 1370 so I now
think the market is headed for the 1320-1330 range. Once a low is established there the ES should
rally well above it 1419.75 high.
QQQ: Downside target is 63.50.
TNX (ten year note
yield):
The 10 year yield has drifted back into
its recent multi-month trading range but I think support at 1.95% will hold. I
still think that the 10 year yield has started a move to 3.00%.
Euro-US Dollar: The Euro has rejected
the 1.3300 resistance level. The market is headed for 1.2600.
Dollar-Yen: Support is at 81.00. As
long as the yen doesn't spend more than a day or two below that level I will
stick with my view that it is headed up to 90.00
June Crude: An extended upswing is
underway. It will probably take crude to 114 or so.
GLD – June Gold: Gold will probably drop to 1585. A move to
2100 is underway.
SLV - May Silver: I think silver is
headed for 50.00. The 31.50 level is now support.
Google: Google is now headed
for its 2007 top near 750. Support is at 590.
Apple: A has broken 575 support
and is now headed for 550. I don't think the AAPL bull market is over and
expect to see AAPL move above 644 once this reaction is complete.
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