Thursday, April 20, 2017

Guesstimates on April 20, 2017

June S&P E-mini Futures: The ES could not hold above 2345 resistance early yesterday but today the market appears to be trying to do so for the third time this week. If 2345 resistance fails the ES is likely to rally at least to 2380 and possibly to new bull market highs.
QQQ:  The March 2000 top at 120.50 is long term support. Shorter term support is now at 126.00. Next upside target is 136.This average should move generally higher in 2017.
TNX (ten year note yield): Support in the 10 year note yield is at 2.25%. Next upside targets will be 2.85%  and then 3.40%. The 10 year yield is 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 108. Upside target is 126-27 then 136
West Texas Crude Oil: Crude is in a bull market. The 56-58 upside target has been reached. Support remains at 45, Next upside target is 62.
June Gold:  Next resistance is at 1305. I still think Gold is headed back to its 1035 low.
May 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. AAPL is on its way to 162.
Facebook: Support at 120. Next upside target after 145 is 160.
Twitter: Resistance at 20 is likely to stop any rally. TWTR is headed for 10.00.
Alibaba: The 85-90 zone is strong support and I expect BABA to swing up to 125.
Visa: Upside target zone of 90-95 has been reached and I expect Visa to stall here for a while. Support is at 82.

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