Guesstimates on May 22, 2012

June S&P E-mini Futures: Today's range estimate is 1305-1322. The ES has reached the level of the October 2011 top at 1289.25 and this should prove to be strong support. I think a base building period has started and that the end of the drop from 1419.75 is imminent.

QQQ:  Support now is at 59.50. The drop from 68.50 is nearly over and should be followed by a move to new bull market highs.        

TNX (ten year note yield):  The 10 year yield is back to the low of its recent multi-month trading range. 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: This market is headed for 75 and lower.

June Crude: The market is headed  down to  75.   

GLD – June Gold:   The market has dropped to the vicinity of the September and December low points at 1544 and 1529. I think a sustained up move is about to start.  

SLV - July Silver: The market is getting close to its December low at 26.27 where a sustained move up is likely to start.

Google: Google is now headed for its 2007 top near 750. Support is at 590.    

Apple: AAPL is headed for 520. From there  a move above the 644 high will start.