June S&P E-mini Futures: Next upside target is 2807. Meantime support is 2741. My ultimate upside target remains 3100 later this year.
QQQ: Support is 158 and the upside target is 180.
TNX (ten year note yield): Support at 2.92% failed so next support is at 2.70%. Next upside target is 3.40%. Rising interest rates are good news for the stock market because they signify that confidence in future growth is being restored. This in turn means that investors will try to put the huge supply of central bank liquidity to work in risky assets. This process will drive world wide stock market prices higher.
Euro-US Dollar: It is likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: A swing up to 117 is likely.
West Texas Crude Oil: Support is 62. The 72-74 zone is strong resistance and is likely to remain a barrier to still higher oil prices for several more weeks.
Gold: As long as gold stays below 1305 it is likely to fall further to 1260.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: GOOG is headed for 1250.
Apple: AAPL is headed higher to 198 and above.
Facebook: Facebook’s low at 149 is likely to hold for quite a while. I think FB is on its way above 195.
Twitter: Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.
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