June S&P E-mini Futures: At this morning’s low of 789.50 the e-minis have already dropped about 40 points from Thursday’s high. I think today’s range will be about 20-25 points with a low near 775. I think this is just a normal reaction in an uptrend. It may last as much as 7-10 calendar days and drop the market to the 750 level. When it is complete I expect the e-minis to begin a move to 900.
QQQ: The 29.00 level is support and I think the Q’s are headed for 35.00.
June Bonds: I don’t think the longer term bearish picture has changed. Resistance above the market is 132-16. Next downside target is 115.
June 10 Year Notes: I think a bear market in the notes is underway. Resistance above the market is at 125-20. Next downside target is 118.
Euro-US Dollar: The reaction in the euro should end near 131.00. I still think that the euro is headed for the 141.00 level.
Dollar-Yen: Then yen is headed for the 104.00 level.
May Crude: I think May crude is on its way to the 58.00 level.
GLD – June Gold: I think the market is headed below 700. Resistance above the market is at 955. A close above the 960 level will flip me back to the bullish column and mean that a move to 1100 is underway.
SLV - May Silver: Silver is still holding 1240 support but I think this level will soon be broken. If it is the market will be on its way below 800.
Google: I think that its drop from 747 is over. Support is at 290. Next upside target is 410.