Monday, October 10, 2016

Guesstimates on October 10, 2016

December S&P E-mini Futures: Support is again at 2149. The ES is likely to advance to 2168-72. A drop below 2136 would be very bearish and continuation below 2100 would then become likely. In any case the 2200 level will be a ceiling until a drop big enough to generate substantially more pessimism develops.
QQQ:  The 120 level is resistance.
TNX (ten year note yield): I think a substantial advance in yields is underway which should push the 10 year yield up to 2.50% or so.
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.
November Crude: Crude is in a bull market. Support at 40-41. Next upside target is 56-58.
December Gold:  A bull market is underway in gold. Support is now at 1240. A drop visibly below 1240 would be long term bearish. Failing that the next upside target is 1420.
December Silver: Silver exceeded the 20.00 target by more than a dollar. Next upside target is 25.00. Support at 18.00 has failed but there is a secondary level at 17.00. If this fails too the longer term picture will become bearish.
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: Breakout support at 20 has failed and this means that TWTR is headed for 10.00.
Alibaba: Support is now at 98. Next upside target is 125.
Visa: Support is at 70. Upside target is 90-95.

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