June S&P E-mini Futures: The ES has reached the 2105-2110
resistance zone associated with the last two important tops. I think a
substantial drop of 80 or more points is likely to materialize before the
market can establish itself above this resistance zone and take out the 2134
top made last year.
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. The last rally stopped in the 111-113
resistance zone and I think this one will too.
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.
