June S&P E-mini Futures: Today’s range estimate is 1630-50. It now looks like yesterday’s apparent upside breakout from last week’s trading range ended at a lower top. This leads me to conclude that the ES is headed down to the 1574-1587 zone defined by the 2000 and 2007 bull market tops.
QQQ: Downside target is 72.00.
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 still trading below it 20 day moving average but is trying to reestablish itself above 1.2920 support. If it succeeds I will turn bullish again but in the meantime the downside target remains 1.2400.
Dollar-Yen: I think this bull market has much further to go. Support is at 99. 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.