June S&P E-mini Futures: Today’s range estimate is 1613-1633. The ES is trading below last Friday’s close after a lower top below the 1685.75 high. It now looks like market is headed for 1550. But before the 1596.50 low is broken I expect to see one more rally of 20-30 points or so.
QQQ: Upside target is 70.00.
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 trading above its 20 day moving average. I think this means that the market has resumed its move up to 1.4000.
Dollar-Yen: The dollar-yen should hold support at 94.50. The next upside target is 107.00.
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.
August 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: 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.