Thursday, May 30, 2019
Guesstimates on May 30, 2019
June S&P E-mini Futures: The ES is likely to drop 200-300 points from the 2961 top. Looking further ahead 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): Support at the 2.30% yield level is starting to look shaky. A further drop to 1.85% is probably in the cards.
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: Support at 59 has failed. Next support is at 53-54.
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 at 165 has failed. BABA is probably headed back to 130 and below.
Visa: V has reached the 160-65 target zone. Support is now at 150.