March S&P E-mini Futures: The
ES dropped as low as 2529 last night in Asian trading as volatility shorts were
massacred. At the low the market kissed its rising 200 day moving average. This
drop is the biggest point drop since the 2009 low but exceeds the 2015-16 drop by
only 17 points. I am betting that last night’s low ended the drop from 2878. If
I am right then 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 has nearly reached the 126 target. Support now is at 122.50.
Dollar-Yen: A bull market is underway. Support is at
108. Upside target is 126-27 then 136
West Texas Crude Oil: The upside target at 63 has become
support. Next upside target is 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 at 1080 failed but the 990-1010 zone is strong
support and the bull market should resume from there.
Apple: Support at 165 has failed and AAPL is on its
way to 145.
Facebook: Support is now at 180
and the next target is 210.
Twitter: Support is now 21-22. As long as it holds TWTR is headed for
34-36. Alibaba: Support is still
180. BABA stopped 3 points shy of the 210 upside target at 210. Assuming
support holds the next step up is likely to carry to 224.
Visa: Visa is headed for 110.
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