Wednesday, May 17, 2017

Guesstimates on May 17, 2017

June S&P E-mini Futures: Overnight selling looks like the rejection of 2397.25 resistance. As such it portends a drop back to the low of this 11 week trading range in the 2317-22 zone. Even so the ES is likely to trade at 2500 and above later this year.
QQQ:  The March 2000 top at 120.50 is long term support. Shorter term support is now at 126.00. 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 target is 3.00%. 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. 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 is 160.
Twitter: Resistance at 20 is likely to stop any rally. A move back above that level would have longer term bullish implications. Until then 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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