June S&P E-mini Futures: The ES traded well below 1352.50 yesterday and again this morning so the drop Sunday night below the April 10 low was not a shakeout. The market is headed for 1320-30. From a low in that zone a rally to new bull market highs should begin.
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 has reached the 1585 downside target. However I think the market will pay a visit to the vicinity of the September and December low points at 1544 and 1529 before another up leg starts.
SLV - July Silver: Support at 28.50 has been reached. But I now think the market will pay a visit to its December low at 26.27 before reversing.
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.