Guesstimates on May 31, 2012

June S&P E-mini Futures: Today's range estimate is 1302-1314. The October 2011 top at 1289.25 is strong support. I think a base building period is underway.  Once it is completed the next sustained swing will be upward to new bull market highs.

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 reached 126.00 support.  I think the market will drop to 1.2250 before any rally of more than 200 pips develops.  

Dollar-Yen: This market is headed for 75 and lower.

July  Crude: The market is headed  down to  75.   

GLD – August 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 broke support at 590 and is now headed for its January low at 562. From there the market should resume its move up to 750.

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