June S&P E-mini Futures: Today's range estimate is 1275-1290. The October 2011 top at 1289.25 is strong support. I think a base building period is nearly complete. The drop this morning on the employment news below the May 21 low sets ups bullish divergences on my advancing issues oscillators. Given the heavily bearish market sentiment I think this means that a big rally is imminent.
QQQ: Support now is at 59.50. The drop from 68.50 is nearly over and should be followed by a move to new bull market highs.
TNX (ten year note yield): The 10 year yield is back to the low of its recent multi-month trading range. I still think that the 10 year yield has started a move to 3.00%.
Euro-US Dollar: The Euro has reached 126.00 support. I think the market will drop to 1.2250 before any rally of more than 200 pips develops.
Dollar-Yen: This market is headed for 75 and lower.
July Crude: The market is headed down to 75.
GLD – August Gold: The market has dropped to the vicinity of the September and December low points at 1544 and 1529. I think a sustained up move is about to start.
SLV - July Silver: The market is getting close to its December low at 26.27 where a sustained move up is likely to start.
Google: Google broke support at 590 and is now headed for its January low at 562. From there the market should resume its move up to 750.
Apple: So far AAPL has held well above its low at 528 (I think the reported 522.16 low was a bad tick!) even as the S&P and the Dow have broken below their corresponding lows. This is a very bullish development. It makes me think the AAPL is now in fact headed above its 644 top instead of to 520 as I had thought previously.
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