December S&P E-mini Futures: The ES is trading in a 2570-85 range and I don’t have a clue which direction it will take out of this range. A drop visibly below 2570 will probably continue to 2540. A swing above 2586 is likely to breech the 2600 level. In any case the ES is likely to trade well above 2600 during the coming months.
QQQ: Short term support is at 144. I think this average is headed for 160 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 failed and is now resistance. Downside target is 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 for its next upside target at 63. Support now is at 49.
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 moved as high as 188 after its latest earnings news. Support is at 170 and the upside target is 200.
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 headed for 34-36 with a temporary halt at 25 on the way up.
Alibaba: Support remains at 160. Next upside target is 199.
Visa: Upside target now is 120.