Wednesday, May 24, 2017

Guesstimates on May 24, 2017

June S&P E-mini Futures: This swing up from the 2344.50 low is likely to carry the market above the 2400 level at least to 2410 or so. The ES will probably 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 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 extend its rally to 135.
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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