Monday, March 11, 2019
Guesstimates on March 11, 2019
June S&P E-mini Futures: The 2735 target was reached and exceeded and a thirty point rally has followed. If resistance at 2758 fails the odds will favor a swing above the recent 2825 top. Longer term, a Lindsay basic advance probably started from the December low and should last two years or so while carrying the ES to historical highs.
QQQ: Support is 169 and next upside target will be 181. A swing to new historical highs is underway.
TNX (ten year note yield): The 10 year yield should end its decline in the 2.30 – 2.50% zone.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: Upside target is 112.50. The Dollar-yen is headed above 115.
West Texas Crude Oil: A swing up to 59 is likely. A rally past 59 would probably mean a return to 76 and higher.
Gold: Gold is headed down to 1250-60 and a bigger drop to 1170 is at least an even bet.
Silver: Silver resistance is at 16.50.
Google: Resistance above the market is still at 1150. But a swing above 1175 would be very bullish.
Apple: AAPL is acting visibly worse than the averages and is still likely to drop as low as 120 during the coming months.
Facebook: FB is likely to stay below strong resistance at 175. But if this resistance fails a swing up to new bull market highs will then become likely.
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: Resistance at 175 now appears to be morphing into support. This is bullish action and implies that a swing up to new bull market highs is underway.
Visa: Acting visibly stronger than the averages. I now think V is headed for 160-65.