June S&P E-mini Futures: Overnight the ES dropped back into the 2105-10 resistance zone. Today I think the market will try to hold its last low at 2106 and then resume its rally to 2126. If support at 2106 fails a bigger drop, probably back to 2082, will be underway. Trader sentiment remains very bullish but there is no sign (yet) that an extensive drop is underway or will soon begin.
QQQ: The 112 level is resistance but the Q’s are headed eventually to 120. Support now is at 104.
TNX (ten year note yield): We probably have seen the low 10 year yield for the year. I think that the 10 year yield will reach 3.00% during the next 12 months.
Euro-US Dollar: The Euro turned downward without moving above last year’s 1.17 top and I still think that the ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway. Resistance is 111-113.
July Crude: Crude is in a bull market. Next upside target is 55. Support is at 43.
August Gold: A new bull market has begun in gold. The next upside target is 1315. Support is 1205.
July Silver: I think the bear market in silver is over. Resistance now is at 18.00.
Google: Support is 675.
Apple: I still think the bull market in APPL is intact. However should AAPL start spending time below 90 I think continuation down to 70 will become likely.
Facebook: Resistance at 120 has been reached but FB has also staged an upside breakout from a trading range so I think continuation up to 125-127 is likely.
Twitter: Twitter should drop to 10.
Alibaba: Now headed back to 86.
Visa: Support is at 70. Upside target is 90-95.