June S&P E-mini Futures: Today’s range estimate is 1648-1660. A
drop of 30-60 points is imminent but I think the 1574-1587 zone defined by the
2000 and 2007 bull market tops will now be support. I see no short term
technical evidence of an important top here.
QQQ: Has reached the long
standing 73 target.
TNX (ten year note yield): Bond yields are going much higher as
the market begins to anticipate stronger economic growth. The first upside
yield target for the 10 year is 2.50%.
Euro-US Dollar: The euro is trading below it 20 day
moving average and this morning has spent a day below 1.2920. The market traded
sideways yesterday so I am going to give it another day or two to see if it
doesn’t climb back above that level. If it doesn’t I will conclude that it is headed down to
1.2400.
Dollar-Yen: I think this bull market has much further
to go. Support is at 96. The current leg
up should carry the market to 108 or so.
July Crude: As
long as crude does not spend much time above 100 I will stick with my view that
it is headed below 70.
June Gold: I
think gold is on its way to the next downside target at 1200-50. In any case
there is strong resistance above the market in the 1520-30 breakout zone.
July Silver: Initial downside target is 20.00 while
resistance above the market is at 27.00.
Google: GOOG has reached and exceeded the 900 target. Support is
at 800 and I think the next step up will carry GOOG to 975.
Apple: Next
downside target is 350. Resistance is at 460.
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