Monday, October 30, 2017

Guesstimates on October 30, 2017

December S&P E-mini Futures:  Support is at 2560. Assuming it holds the ES should soon be trading above 2600. In any case I expect the bull market to continue for a few more months and move this average well above 2600 before it ends.
QQQ:  Short term support is at 144. This average is nearing the 150 target. My guess is that it will move somewhat higher to 153 before a significant drop develops.
TNX (ten year note yield): If the 10 year yield can stay above the 2.15% level then I think deflationary fears have been put aside and the trend upward to a 3.00% yield will continue.  
Euro-US Dollar: Support at 117 has apparently failed. Downside target is now 112. The announced tapering in the pace of ECB bond buying is a long term bearish influence on world stock prices.
Dollar-Yen: A bull market is underway. Support is at 108. Upside target is 126-27 then 136
West Texas Crude Oil: Crude is headed back to 55 and support is at 45.
Gold:  The 1290 level is resistance. If it fails the ES is likely to continue up to 1390. Downside target is currently 1220.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: Next upside target is 1070. Support is at 900.
Apple:   Support still is at 144. Next upside target is 182.
Facebook: FB got within 2 points of the upside target at 180. I think FB will have a hard time moving much past that level for a while. Meantime support is at 160.
Twitter: Resistance at 20 has failed and a high volume upside breakout from a one year trading range appears to be underway. Breakout support is 18. As long as it holds TWTR is on its way to 34-36 with a temporary halt at 25 on the way up.
Alibaba: BABA has reached resistance at 178-80. Support remains at 160. Next upside target is 199.
Visa: The resistance in the 106-08 zone has apparently failed. Upside target now is 120.

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