March S&P E-mini Futures: The
ES kissed its rising 200 day moving average at its 2529 low last week and
Friday’s rally was a very strong show of support. The drop from 2878 was the
biggest point drop since the 2009 low but exceeds the 2015-16 drop by only 17
points. I am betting that the 2529 low will hold and that the ES will trade
near 3100 later this year.
QQQ: The average has reached
support at 156 and is now likely to head higher.
TNX (ten year note yield): The 10 year yield is approaching its next
upside target at 2.95%. Paradoxically this is good news for the stock market
because it means that confidence in future growth is being restored. This in
turn means that investors will try to put the huge supply of central bank
liquidity to work in risky assets. This process will drive world wide stock
market prices higher.
Euro-US Dollar: The Euro nearly reached the 126 target. Support now is at 122.50. Next upside target
will be 130.
Dollar-Yen: A bull market is underway. Support is at
108. Upside target is 126-27 then 136
West Texas Crude Oil: Support at 63 has failed but I expect
crude to hold support at 59. The next upside target will then be 70.
Gold: The 1295 resistance
level is now support. Upside target is 1390.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: Support in the 990-1010 zone has produced a strong rally.
GOOG is headed for 1250.
Apple: Friday’s low was 5 points above my
estimated support level at 145. We may still see a drop to near or a bit below
145 but AAPL will eventually be headed higher to 180 and above.
Facebook: Dropped to within a
point of 166 support on Friday. FB is now likely to move higher into the
195-200 zone.
Twitter: TWTR reached the 34-36 target zone on earnings news.
Support is now at
26. After some sideways action I expect TWTR to move up to 48.
Alibaba: Support is still 162 but that is the worst I see on the
downside. BABA should rally to 215 over the coming weeks.
Visa: Visa dropped to within a point of 110 support on Friday. I
think it is headed for 135.
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