Guesstimates on May 31, 2018

June S&P E-mini Futures:  Resistance is at 2740. I expect it to fail and this failure will be followed by a rally to 2807. My ultimate upside target remains 3100 later this year.
QQQ: Support is 158 and the upside target is 180.
TNX (ten year note yield): Support at 2.92% failed so next support is at 2.70%. Next upside target is 3.40%. Rising interest rates are good news for the stock market because they signify 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: It is likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: A swing up to 117 is likely.
West Texas Crude Oil: Support now is 62. The 72-74 zone is strong resistance and is likely to stop the advance for several more weeks.
Gold:  Gold is spending time above 1305 and this means that a move to 1345 is underway.
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 198 and above.
Facebook:  Facebook’s low at 149 is likely to hold for quite a while. I think FB is on its way above 195.
Twitter: TWTR reached the initial 34-36 target zone. Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.

Guesstimates on May 30, 2018

June S&P E-mini Futures:  Resistance is at 2709. If it fails then the ES will be headed up to 2808. Otherwise a drop down to either 2666 or 2652 will be in the cards. In either event my ultimate upside target remains 3100 later this year.
QQQ: Support is 158 and the upside target is 180.
TNX (ten year note yield): Support at 2.92% failed so next support is at 2.70%. Next upside target is 3.40%. Rising interest rates are good news for the stock market because they signify 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: It is likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: A swing up to 117 is likely.
West Texas Crude Oil: Support now is 62. The 72-74 zone is strong resistance and is likely to stop the advance for several more weeks.
Gold:  The 1295 is resistance but if gold starts spending time above 1305 a new up swing will be underway.
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 198 and above.
Facebook:  Facebook’s low at 149 is likely to hold for quite a while. I think FB is on its way above 195.
Twitter: TWTR reached the initial 34-36 target zone. Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.

Guesstimates on May 29, 2018

June S&P E-mini Futures:  The drop below 2700 on news of the Italian political crisis looks like a shakeout to me. I think the ES is now headed up to the 2790-2807 range. If I am wrong then the next swing downward will carry to 2666. In either event my ultimate upside target remains 3100 later this year.
QQQ: Support is 158 and the upside target is 180.
TNX (ten year note yield): Next upside target is 3.20%. Support is at 2.92%. Rising interest rates are good news for the stock market because they signify 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: Support at 119 has failed. This makes it likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: Resistance at 108 has failed. This makes a swing up to 117 likely.
West Texas Crude Oil: Support is at 59. The upside target is 74.
Gold:  The 1295 is resistance but if gold starts spending time above 1305 a new up swing will be underway.
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 198 and above.
Facebook:  Facebook’s low at 149 is likely to hold for quite a while. I think FB is on its way above 195.
Twitter: TWTR reached the initial 34-36 target zone. Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.
Visa: Headed for 135.