Guesstimates on June 5, 2013

June S&P E-mini Futures: Today’s range estimate is 1610-30. A drop to support in the 1574-1587 zone is underway.

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 euro has spent several days back above 1.2920 support and has closed above its 20 day moving average four days running. I think this means that the market has now resumed its move up to 1.4000.

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.

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.