Tuesday, January 08, 2019
Guesstimates on January 8, 2019
March S&P E-mini Futures: The ES is stalling at 2569 resistance. If this resistance fails the next stop will be 2603 and then 2631. That said, the biggest and most dynamic part of the rally from the December 24 low is behind us. I anticipate a bear market low near 2100 in October 2019.
QQQ: The Q’s dropped well below 150 during the Christmas crash to 142. Resistance is now at 162. Next downside target is 133.
TNX (ten year note yield): It now looks like the 10 year yield will drop into the 2.30 - 2.50% zone.
Euro-US Dollar: Downside target is 103.
Dollar-Yen: Weird behavior during the Japanese holidays dropped the market to 103, nearly all the way to the 100 target following a failure of 109 support. The 109 level is now resistance. The market which should eventually reach 100 and probably drop even lower than that.
West Texas Crude Oil: Crude is approaching resistance at 51. A drop to 35-38 will probably be the next big swing.
Gold: The market is headed for 1315.
Silver: Silver resistance is at 16.50.
Google: This bear market is likely to carry GOOG to 650-750.
Apple: AAPL is likely to drop as low as 120 during the coming months.
Facebook: FB is holding support at 125 but eventually should drop to 100 or so.
Twitter: TWTR is has established a 27-36 trading range. A downside breakout from this range is likely within a couple of months and will probably carry TWTR to 12.
Alibaba: There is a good chance that BABA is now headed for 100.
Visa: Support remains at 125 but a drop to 95 is likely over the next few months.