Wednesday, August 03, 2016

Guesstimates on August 3, 2016

September S&P E-mini Futures: The swing up from the Brexit low is likely to carry into the 2250-2300 zone. The ES bounced off of 2139-43 support yesterday and is now headed up to 2177 or higher.
QQQ:  Next upside target is 120. Support is at 112.
TNX (ten year note yield): The market briefly dropped below the 2012 low yield of 1.39% but I think a substantial advance in yields is now underway.
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 is 104-106. Next downside target is 95.
August Crude: Crude is in a bull market. Next upside target is 55. Support at 40-41 may be failing and if it does crude will be headed for 35.
December 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. Upside target is 880.
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: Support is at 120. Next upside target is 145.
Twitter: The 18-20 zone looks like a 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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