June S&P E-mini Futures: Friday’s close was only a point lower than Thursday’s, a bullish performance in the face of bearish news. This is more evidence for my view that the ES is headed above the 2400 level.
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 111-12. 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: Resistance is at 1260. 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: Breakout 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: Support is at 70. Upside target is 90-95.