Monday, May 01, 2017

Guesstimates on May 1, 2017

June S&P E-mini Futures: The ES has stalled at resistance associated with the March 16 top at 2388.75 and the March 1 top at 2397.25. But right now there is no sign that this resistance is being rejected. So it looks like the ES will rally soon above 2400 before sellers get interested. In any event I think the ES will be trading well above 2400 later this year.
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 has been reached and this average is now headed for 145.
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.
July Silver: Silver is headed for 13.00 and below.
Google: Upside target is 1010. Support is at 760.
Apple:  AAPL is on its way to 162.
Facebook: Support at 125. Next upside target after 145 is 160.
Twitter: Resistance at 20 is likely to stop any rally. TWTR is headed for 10.00.
Alibaba: I expect BABA to reach 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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