Wednesday, May 01, 2019
Guesstimates on May 1, 2019
June S&P E-mini Futures: The ES has moved past 2947 resistance and into the 2957-65 resistance zone. A drop a drop of 80-90 points is likely before the ES can establish itself above 2947 for any length of time. Longer term, a Lindsay basic advance probably started from the December low, last two years or so, and carry the ES to 3500 or so.
QQQ: Near term target is 198. Support is at 181. The market is headed for 230-240 during the next 18 months.
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: Crude is headed back to 76.
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: 1150 is support. Google is headed for 1350.
Apple: Resistance at 185 has morphed into support. This means that AAPL is headed for new bull market highs.
Facebook: FB is headed for new bull market highs.
Twitter: TWTR has staged an upside breakout from its long 27-36 trading range. Support is now 34-36. TWTR is on its way to its all time high at 74.
Alibaba: Resistance at 175 has morphed into support. This is bullish action and implies that a swing up to new bull market highs is underway.
Visa: V has reached the 160-65 target zone. Support is now at 153 and next upside target is 175.