June S&P E-mini Futures: Today's day session range estimate is 1352-1362. The ES broke below 1375 decisively Friday and in Asian trading last night took out the 1352.50 April 10 low while dropping as low as 1342.50. The ES has since rallied 17 points and I think the market will climb further to 1378 or so before testing and probably breaking the 1342.50 low. The ultimate low of the reaction will probably develop in the 1320-30 range. I still think this is a reaction in an ongoing bull market and expect to see the market trade well over 1420 during the coming months.
QQQ: Downside target is 62.50.
TNX (ten year note yield): The 10 year yield has drifted back into 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: The yen has decisively broken below support at 81.00. This means that the market is headed for 75 and lower.
June Crude: Support at 100 has been decisively broken. It looks like the market is headed down to 75.
GLD – June Gold: Gold will probably drop to 1585. A move to 2100 is underway.
SLV - July Silver: I think silver is headed for 50.00. The 31.50 level was broken and now 18.50 looks like support.
Google: Google is now headed for its 2007 top near 750. Support is at 590.
Apple: The ES has established a new reaction low and AAPL is likely to do so too. However there is strong support near 520 and that is the worst I expect to see on the downside before AAPL moves to new bull market highs.