Monday, June 03, 2019

Guesstimates on June 3, 2019

June S&P E-mini Futures: So far the ES has dropped 230 points from its top at 2961. This puts the market well into the target zone of a 200-300 point drop from the 2961 top. I think continuation down to support in the 2700-15 zone is still likely. 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 has failed. A 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: Crude has bounced up from 53-54 support and is now headed for 58-59.  
Gold: Gold has moved above 1315 resistance. It now is headed up to 1380.
Silver: Silver resistance is at 16.50.
Google: 1120 support has failed. A drop back to 980 is now likely.
Apple:  Support is at 180 is looking squishy. A drop below 170 would probably be followed by continuation downward to 140.
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: BABA is probably headed back to 130 and below.
Visa: V has reached the 160-65 target zone. Support is now at 150.

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