June S&P E-mini Futures: Today’s range estimate is 2066-80. If the ES should show strength above yesterday’s 2082.75 high I will move to the bullish column. In the meantime the sequence of lower tops since the March 23 high points to a drop to the 200 day moving average which currently is around 2008 basis the June contract.
QQQ: Downside target is 100.
TNX (ten year note yield): I think that the market is headed up to 3.00%.
Euro-US Dollar: The ECB’s quantitative easing program will drop the euro below 1.00 over the coming months. Near term downside target is 1.03. Resistance above the market is at 1.12.
Dollar-Yen: Support is at 116. The bull market has much further to go over the coming months. 140-45 is my longer term target zone.
May Crude: The longer term trend in oil prices is downward and should carry this market down close to the 2008 low at 33. Resistance above the market is at 55.
June Gold: The odds favor continuation downward to 1040 over the coming months. Resistance above the market is at 1215.
May Silver: I think silver is headed for 13.00.
Google: I think the longer term trend is upward and expect GOOGL to hit 670.
Apple: There is no reason for thinking the bull market is over. New upside target is 140 but 160 should not be far behind. Support is at 121.
Facebook: Upside target is 90. Support is 72.
Twitter: I expect TWTR to move up to 70.
Alibaba: BABA is headed for 68. Resistance above the market is at 86.
Visa: Upside target is 72. Support is 63.