Guesstimates on April 22, 2013

June S&P E-mini Futures: Today’s range estimate is 1548-61. High volume selling last week makes it likely that the 1593 top ended the rally from the November 2012 low at 1340. First downside target is 1468 which is support defined by the September 2012 top.

QQQ:  Headed for 61.   

TNX (ten year note yield): Bond yields are going much higher as the market begins to anticipate stronger economic growth. The first upside yield target for the 10 year is 2.50%.

Euro-US Dollar: The euro is trading above its 20 day moving average and it looks like a swing to 1.40 has begun.

Dollar-Yen: I think this bull market has much further to go. However the market is likely to stall for a few weeks beneath resistance at 100-101. Support is at 96.

June Crude:  As long as crude does not spend much time above 100 I will stick with my view that it is headed below 70.

June Gold:  The market has broken out of its long trading range to the downside. It looks like an extended bear market has begun. Initial downside target is 1200-50 while resistance above the market is at 1440.

May Silver: Initial downside target is 20.00 while resistance above the market is at 27.00.  

Google: Headed down to 675.  

Apple:  Longer term downside target is 350. AAPL has reached near term support at 390. Resistance above the market is at 430.