Friday, June 24, 2016

Guesstimates on June 24, 2016

September S&P E-mini Futures: The ES dropped to 1999 on news that Britain has voted to leave the EU. I think most of the drop is over but not all of it. Resistance above the market is at 2058 while the next downside target is 1982.
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.  Last night the yen traded down to 99.00. A rally to 104-06 is likely. Next downside target is 95.
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 upside target at 1365 was reached last night. Support is now at 1250. Next upside target is 1420.
July Silver: Resistance at 18.00 was reached last night. Support is at 16.00 and next upside target is 20.00.
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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