Tuesday, November 08, 2016

Guesstimates on November 8, 2016

December S&P E-mini Futures: The Trump Slump ended at Friday’s low and now the Clinton ComeBack is likely to take the ES to the 2200 level. Today support is at 2120 and resistance at 2135. 
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.
Euro-US Dollar: 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.
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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