Guesstimates on June 18, 2013

September S&P E-mini Futures: Today’s range estimate is 1634-1651.  This rally should end in a top below the May 22 top and be followed by a drop to 1550 or so.

QQQ:  Downside 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 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.