Tuesday, January 03, 2017

Guesstimates on Jnauary 2, 2017

March S&P E-mini Futures: The drop from 2273 is probably over. The ES broke below the 2235-43 support zone Friday but gapped back above it at the Globex open yesterday afternoon. The upside target is 2325-2345.
QQQ:  The 120.50 level is strong resistance since it is the historical high which the Q’s established in March of 2000. I expect this average to eventually move above that level to 125 and probably higher than that in 2017.  
TNX (ten year note yield): I think a push up into the 2.85-3.00% zone is likely before the longer term up trend in yields pauses. The 10 year yield is now well 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 world stock markets.
Euro-US Dollar: The ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A new bull market is underway. Support now is at 112. Upside target is 126-27 then 136
West Texas Crude Oil: Crude is in a bull market. The 56-58 upside target has nearly been reached. Support remains at 45, Next upside target is 62.
February Gold:  Gold is headed back to its 1035 low and quite possibly lower.
March Silver: Silver is headed for 13.00 and below.
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 at 112. Next upside target is 145.
Twitter: Breakout support at 20 is likely to stop the current rally. TWTR is headed for 10.00.
Alibaba: The 85-90 zone is strong support and I expect BABA to swing up to 125 from there.
Visa: Support is at 70. Upside target is 90-95.

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