Thursday, May 16, 2019
Guesstimates on May 16, 2019
June S&P E-mini Futures: Resistance above the market is at 2881. If it should fail then another bull market up leg will be underway. But until this resistance fails I will stick by my prognosis of a drop of 200-300 points from the 2961 top. This drop is likely to stop either near 2710 or near 2640. In either case the Lindsay basic advance which started from the December low is likely to last two years and carry the ES to 3500 or so.
QQQ: Support is at 175 and then 167. 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. Support is at 59.
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: 1120 is now support. If it fails then a drop back to 980 becomes likely.
Apple: Support is at 180. AAPL is headed for new bull market highs.
Facebook: Support is at 165. FB is headed for new bull market highs.
Twitter: Support is now 31. TWTR is on its way to its all time high at 74.
Alibaba: Support is at 165. A swing up to new bull market highs is underway.
Visa: V has reached the 160-65 target zone. Support is now at 150.