Friday, November 11, 2016

Guesstimates on November 11, 2016

December S&P E-mini Futures: I think the Trump Slump ended at the 2028.50 low on election night. A swing up to 2200 or above is underway. Support is at 2143. Next resistance is in the 2184-91 zone defined by the August high points.
QQQ:  The 120 level is still resistance but it now appears that the Q’s are headed back to that level and above it.
TNX (ten year note yield): A substantial advance in yields is underway which should push the 10 year yield up to 2.50% or so. The 10 year yield is now above its 200 day moving average which suggests that a sustained rise in yields is underway. I think this paradoxically is a very bullish omen for the stock market.
Euro-US Dollar: The ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway. The market has moved a bit past 106 resistance but the 108 level is a strong secondary level. Any strength above 108 would negate my bear market prognosis.
December 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: 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. If it is AAPL is on its way to 135.
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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