Guesstimates on May 9, 2014

June S&P E-mini Futures: Today’s range estimate is 1854-1873. If support at 1860 does fail as I now expect the ES will head down to 1844. A break below 1844 would mean that a drop of 150 points is underway. Meantime I will stick with my view that the ES is headed above 1900.

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.

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.