Wednesday, March 07, 2018

Guesstimates on March 7, 2018

March S&P E-mini Futures:  The resignation of Gary Cohn, Trump’s economic advisor, dropped the ES 53 points last night. But I think this is a tempest in a tea pot. I still believe that ES is headed to and above its 2789.75 top of February 27 and will trade near 3100 later this year. Meanwhile support is at 2690.
QQQ:  Upside target of 170 has been reached. Support now is at 160 and next upside target is 180.
TNX (ten year note yield): The 10 year yield has nearly reached its next upside target at 2.95%. Support is at 2.70%. I still think 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 level is support. Upside target is 1390.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: 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.

No comments: