June S&P E-mini Futures: Today’s range estimate is 1650-1662. A drop of 30-60 points is imminent but I think the 1574-1587 zone defined by the 2000 and 2007 bull market tops will be support. I see no short term technical evidence of an important top here.
QQQ: Has reached the long standing 73 target.
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 below it 20 day moving average and has spent a couple of days below 1.2920 support. At this juncture I have to conclude that the market is headed below its April 4 low at 1.2744. Downside target is now 1.24oo
Dollar-Yen: I think this bull market has much further to go. Support is at 96. The current leg up should carry the market to 108 or so.
July 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: I think gold is on its way to the next downside target at 1200-50. In any case there is strong resistance above the market in the 1520-30 breakout zone.
July Silver: Initial downside target is 20.00 while resistance above the market is at 27.00.
Google: GOOG has reached and exceeded the 900 target. Support is at 800 and I think the next step up will carry GOOG to 975.
Apple: Next downside target is 350. Resistance is at 460.