Guesstimates on March 3, 2016

March S&P E-mini Futures: The ES is behaving bullishly by holding above the bear market midpoint at 1968. For the moment I am abandoning my longer term bearish view. But if the ES should drop below 1930 from current levels I will move back to the bearish camp. In the meantime support beneath the market stands in the 1940-1949 zone.

QQQ:  The Q’s have moved above 104 resistance. This together with the action in the S&P is a bullish longer term indication. Support now is at 101.

TNX (ten year note yield): Stock market prospects are improving. We may well have seen the low 10 year yield for the year. In any case I think that the 10 year yield will reach 3.00% during the next 12 months.  

Euro-US Dollar: The market is headed lower. Downside target is 0.96 over the coming months.

Dollar-Yen: Support at 116 has failed. It looks like a new bear market has started which has bearish implications for world and for Japanese stock markets. Next downside target is 108.

April Crude: The 24 level is long term support. The 35-36 zone is resistance.

April Gold:  a new bull market has begun in gold. The market bounced off of 1260 resistance. Support is at 1175 and the next upside target is 1315.

May Silver: I think the bear market in silver is over. Resistance is at 16.25.

Google: Support is 675.

Apple:  APPL has dropped below 100 so 90 is the likely next stop.

Facebook: Resistance is now 120. Support is 95.

Twitter: Twitter is probably headed for 10.

Alibaba: Resistance is at 75 and next downside target is 57.

Visa: Support is at 70.