Monday, July 18, 2016

Guesstimates on July 18, 2016

September S&P E-mini Futures: The swing up from the Brexit low is likely to carry into the 2250-2300 zone. Meantime support remains at 2148 and 2130.
QQQ:  The 112 level is resistance and support is at 108.
TNX (ten year note yield): The market dropped below the 2012 low yield of 1.39% but I think a substantial advance in yields in imminent.
Euro-US Dollar: I still think that the ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway. Resistance now is 104-106. 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 bull market is underway in gold. Support is now at 1280. Next upside target is 1420.
September Silver: Silver exceeded the 20.00 target by more than a dollar. Next upside target is 25.00. Support 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: Upside target is 125-127. Meantime support is at 110.
Twitter: Twitter has moved above resistance at 16.25 but the 18-20 zone looks like another barrier to the current rally.
Alibaba: Now headed back to 86-90.
Visa: Support is at 70. Upside target is 90-95.

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