Tuesday, August 04, 2015

Guesstimates on August 4, 2015

September S&P E-mini Futures: Today’s range estimate is 2085-98. As long as no weakness below yesterday’s 2080 low develops I think the market will move up to 2126.25 and above.
QQQ:  Support is at 108. Upside target is 120.
TNX (ten year note yield): I think that the market yield is headed up to 3.00%.
Euro-US Dollar:  The market has dropped visibly below 1.10 support. I think it is headed to 0.96 over the coming months.
Dollar-Yen: Support is at 116. The bull market has much further to go over the coming months. 140-45 is my longer term target zone while 127-28 is near term resistance.
September Crude:  I am beginning to suspect that the bear market is oil is over and that this long trading range is a precursor to a sustained advance. Meantime support is at 45.
December Gold:  Gold has made a new bear market low but is getting closer to long term support at 1030. I think a new bull market is likely to emerge from a low near that support level.
September Silver: I think the bear market in silver may be over. If so support is at 13.50.
Google:  GOOG will probably drop to 635 before its bull market resumes.
Apple:  There is no reason yet for thinking the bull market is over although the drop below the 200 day moving average is cause for concern. Support at 121 has failed but I think the 117 level will hold. If it doesn’t then AAPL will probably drop into the 100-105 range.
Facebook: Next upside target is 110. Support is at 80.
Twitter: TWTR is now headed for 25.
Alibaba: BABA is on its way to 70. Resistance above the market is at 85.
Visa: Upside target at 72 has been reached but there is no sign that the advance is over. Next stop is 80. Support is still 63.

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