Tuesday, June 21, 2016

Guesstimates on June 21, 2016

September S&P E-mini Futures: Resistance remains at 2086 and I think the ES will soon resume its downswing and drop below 2040. The wall of worry is growing and once construction is complete a swing up above last year’s top will follow.
QQQ:  The 112 level is resistance and support is at 104.
TNX (ten year note yield): A drop back to the 2012 low at 1.39% looks very likely.
Euro-US Dollar: The Euro turned downward without moving above last year’s 1.17 top and I still think that the ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway.  Resistance is 111-113. Next downside target is 100.
August Crude: Crude is in a bull market. Next upside target is 55. Support is at 45.
August Gold:  A new bull market has begun in gold. The next upside target is 1365. Support is 1205.
July Silver: I think the bear market in silver is over. Resistance now is at 18.00.
Google: Support is 675.
Apple:  I still think the bull market in APPL is intact. However should AAPL start spending time below 90 I think continuation down to 70 will become likely.  
Facebook: Resistance at 120 has been reached but FB has also staged an upside breakout from a trading range so I think continuation up to 125-127 is likely.
Twitter: Twitter should drop to 10.
Alibaba: Now headed back to 86.
Visa: Support is at 70. Upside target is 90-95.

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