Guesstimates on December 16, 2014

March S&P E-mini Futures: Today’s range estimate is 1971-95. The ES took a peek below the 1970-75 support zone overnight. I think the market will spend most of its time today above 1970 and if it does then the 1961.50 low probably ended the drop from 2072 on December 5. I see no sign that the bull market has ended and in any case expect the ES to hold above its 200 day moving average, currently at 1939.

QQQ: Support is at 99.50 and the next step up should carry to 107.00

TNX (ten year note yield): I think that a move to and above the 3.00% level is underway.  

Euro-US Dollar: The ECB quantitative easing program coupled with the Fed’s termination of its own program is likely to drop to Euro to 118-120.

Dollar-Yen: The dollar-yen has reached 122. Support is now at 116. The bull market has much further to go over the coming months. 140-45 is my longer term target zone.

January Crude:   Crude dropped as low as 53.60 last night, well below support at 57-59. The longer term trend in oil prices is downward and should carry this market down close to the 2008 low at 33.

February Gold:  Gold is headed below 1100 with 1040 my initial downside target and 850 a longer term target. Resistance above the market is 1240. Once crude oil starts to rally I expect gold to collapse.

March Silver: My bear market target remains 13.00. Resistance is at 17.60.

Google:  GOOGL is headed for 650. Support is at 520.

Apple:  There is no reason for thinking the bull market is over. Next stop is 125. Support stands at 96.

Facebook: Upside target is 90. Support is 72.

Twitter: Support at 40 has been decisively broken. Twitter is in a bear market which is likely to carry it to 20.

Alibaba: Next upside target is 135.  Support is at 102-104.

Visa: Visa is headed up to 270.