Guesstimates on May 22, 2013

June S&P E-mini Futures: Today’s range estimate is 1664-1677. I think the 1574-1587 zone defined by the 2000 and 2007 bull market tops is now support. The next upside target is 1775.  

QQQ:  Next upside target is 76.50.    

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 but I will change my mind if the Euro can recover the 1.2920 level. In the mean time downside target is 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.