Thursday, May 24, 2018

Guesstimates on May 24, 2018


June S&P E-mini Futures:  The ES has bounced a third time from a low in the 2700-09 zone and this time I think the up swing will carry well above resistance at 2741-44.  My ultimate upside target remains 3100 later this year.
QQQ: Support is 158 and the upside target is 180.
TNX (ten year note yield): Next upside target is 3.20%. I think this is good news for the stock market because it means that confidence in future growth is being restored. This in turn means that investors will try to put the huge supply of central bank liquidity to work in risky assets. This process will drive world wide stock market prices higher.
Euro-US Dollar: Support at 119 has failed. This makes it likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: Resistance at 108 has failed. This makes a swing up to 117 likely.
West Texas Crude Oil: Support is at 59. The upside target is 74.
Gold:  The 1295 support level has failed and is now resistance. A swing down into the 1240-60 zone is underway.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: GOOG is headed for 1250.
Apple:  AAPL is headed higher to 198 and above.
Facebook:  Facebook’s low at 149 is likely to hold for quite a while. I think FB is on its way above 195.
Twitter: TWTR reached the initial 34-36 target zone. Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.

Wednesday, May 23, 2018

Guesstimates on May 23, 2018


June S&P E-mini Futures:  Resistance at 2741-44 stopped the rally yesterday. Today support is at 2697 and if that fails the ES will drop to 2766. My ultimate upside target remains 3100 later this year.
QQQ: Support is 158 and the upside target is 180.
TNX (ten year note yield): Next upside target is 3.20%. I think this is good news for the stock market because it means that confidence in future growth is being restored. This in turn means that investors will try to put the huge supply of central bank liquidity to work in risky assets. This process will drive world wide stock market prices higher.
Euro-US Dollar: Support at 119 has failed. This makes it likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: Resistance at 108 has failed. This makes a swing up to 117 likely.
West Texas Crude Oil: Support is at 59. The upside target is 74.
Gold:  The 1295 support level has failed and is now resistance. A swing down into the 1240-60 zone is underway.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: GOOG is headed for 1250.
Apple:  AAPL is headed higher to 198 and above.
Facebook:  Facebook’s low at 149 is likely to hold for quite a while. I think FB is on its way above 195.
Twitter: TWTR reached the initial 34-36 target zone. Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.

Tuesday, May 22, 2018

Guesstimates on May 22, 2018


June S&P E-mini Futures:  Support at 2714 failed only briefly and news of a possible trade war truce pushed the ES up towards last week’s high at 2741.25. I expect the market to reach resistance at 2741-44 soon. If it breaks through then 2807 will be the next stop. My ultimate upside target is still 3100 later this year.
QQQ: Support is 158 and the upside target is 180.
TNX (ten year note yield): Next upside target is 3.20%. I think this is good news for the stock market because it means that confidence in future growth is being restored. This in turn means that investors will try to put the huge supply of central bank liquidity to work in risky assets. This process will drive world wide stock market prices higher.
Euro-US Dollar: Support at 119 has failed. This makes it likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: Resistance at 108 has failed. This makes a swing up to 117 likely.
West Texas Crude Oil: Support is at 59. The upside target is 74.
Gold:  The 1295 support level has failed and is now resistance. A swing down into the 1240-60 zone is underway.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: GOOG is headed for 1250.
Apple:  AAPL is headed higher to 198 and above.
Facebook:  Facebook’s low at 149 is likely to hold for quite a while. I think FB is on its way above 195.
Twitter: TWTR reached the initial 34-36 target zone. Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.