Wednesday, February 03, 2016

Guesstimates on February 3, 2016

March S&P E-mini Futures: Today’s range estimate is 1898-1923. I think the 1804 low will hold for at least a couple of weeks. Resistance above the market is now at 1951. Ultimately the ES is likely to drop into the 1700-50 zone.
QQQ:  The Q’s have reached 103-04 but an extension upward to 106 or so is now likely.
TNX (ten year note yield): I think that the market yield is headed up to 3.00%.
Euro-US Dollar:  The market is headed lower. Downside target is 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.
March Crude: A drop to 24 or so is likely.
April Gold:  The odds favor continuation down to 1030.
March Silver: I think the bear market in silver may be over. If so support is at 13.50.
Google: Upside target is now 860.
Apple:  APPL has dropped below 100 so 90 is the likely next stop.
Facebook: Resistance is now 120. Support is 95.
Twitter: Twitter has dropped below 19 and is probably headed for 10.
Alibaba: Resistance is at 75 and next downside target is 57.
Visa: Support is at 70.

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