Spiders - June S&P Futures: The 152.50 level is resistance above the market in the Spiders while 1525 is resistance in the futures. I still think the Spiders will drop to 150.00 and the futures to 1500 before a rally into the 155-157 range can start.
QQQQ: I am raising my downside target for the Q’s from 45.00 to 45.70. The next upward swing should carry the market to 49.00.
TLT - June Bonds: I think that this market is headed for 107-16. Resistance above the market is at 109-24. TLT will follow the trend in the bonds and will probably drop to 85.00.
June 10 Year Notes: The notes are headed for 104-20. Resistance above the market is at 107-08.
Euro-US Dollar: An extended decline is underway. Initial downside target is 133.50 but I think that the market will eventually drop to 125 or lower. Meantime resistance is at 136.70.
Dollar-Yen: The yen is headed for 123.50. Support is at 118.40. I expect to see the yen trade at 130 later this year.
XLE - OIH - USO – July Crude: I think XLE will stall near 68 and OIH near175, both new bull market highs. I think the next significant move in both will be downward. USO should bounce off of resistance near 50.60 and then drop to 45 or lower. July crude has nearly completed a rally phase which will end at a lower top near 68.00.
GLD - June Gold: I think GLD has started downward and will drop below 60 on its way to much lower levels. June gold should hold resistance at 696 and then drop below 600.
SLV - July Silver: SLV has bounced off of resistance near 141 and is on its way below 120. July silver is headed below the 1200 level.
Google: I think Google is headed for 564. Next upside target is 503 while support is at 456.