Guesstimates on Mayh 5, 2014

June S&P E-mini Futures: Today’s range estimate is 1865-1878. If support at 1865 fails the ES will head down to 1844. A break below 1844 would mean that a drop of 100-150 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:  Crude spent several days trading mostly above 103 resistance but so far has not spent much time trading above its last high at 104.48. A close above that 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:  Support at 538 has failed and is now resistance above the market. This makes a drop to 450-475 likely.

Apple:  AAPL has traded as high as 599, just below the lower edge of my 600-610 target zone. I think a drop back to 540-550 is underway.