Friday, May 16, 2014

Guesstimates on May 16, 2014

June S&P E-mini Futures: Today’s range estimate is 1862-1875. The ES is headed above 1900 but a close below yesterday’s low with a good part of today’s range below there too would turn me bearish. Such action would probably be associated with drops in the Dow and S&P 500 below their 50 day averages.
QQQ:  Upside target is 95.00.
TNX (ten year note yield): I think the market will move to 3.50% over the next few months.
Euro-US Dollar: The euro is headed for 1.42. Support is at 1.3670.
Dollar-Yen: The dollar-yen is headed for 107.00.
June Crude:  A close above the 104.48 high would mean the market is headed for 111. In the meantime I am sticking with my bearish stance.
June Gold:  Resistance above the market is at 1320.Downside target is 1210.
July Silver: Resistance above the market is at 20.25. Silver is headed for 13.00.
Google:  538 is now resistance above the market. A drop to 450-475 likely.
Apple:  AAPL entered my 600-610 target zone. I think a drop to 540-550 is now underway.

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