March S&P E-mini Futures: So
far resistance at 2745 has stopped three rally attempts and I think the market
must move lower to find buyers. A drop of 100 points or so from the 2755 top is
likely. The drop from 2878 at the January 26 top has been the biggest point
drop since the 2009 low but exceeds the 2015-16 drop by only 17 points. I am
betting that the subsequent 2529 low will hold and that the ES will trade near
3100 later this year.
QQQ: Support at 156 and
upside target is 170 over the coming weeks.
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: Support at 108 has finally failed.
Downside target now are 99 and then 90.
West Texas Crude Oil: I expect crude to hold support at 59. The
next upside target will then be 74.
Gold: The 1295 is 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: AAPL
is headed higher to 180 and above.
Facebook: FB is 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: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.
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