Tuesday, August 13, 2019
Guesstimates on August 13, 2019
September S&P E-mini Futures: 2902 support failed yesterday. Right now the ES appears headed for 2859 support. If this last level fails then a drop into the 2670-2730 zone is probably underway. Nonetheless, the Lindsay basic advance which started from the December low remains intact and is likely to last two years and carry the ES to 3500 or so.
QQQ: Support is 178-80 failed briefly but the quick snap back means the Q’s will reach 198-202 resistance in a few weeks. The market is headed for 230-240 during the next 18 months.
TNX (ten year note yield): The 1.60% level is support.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The Dollar-Yen support at 108.00 has failed. This means that a drop to 100 is underway.
West Texas Crude Oil: It looks like backup support at 53 is failing. If it does I think crude oil will drop first to 45 and then to 34.
Gold: Support is near 1420. Next upside target is 1525 and then 1600-20.
Silver: Silver resistance is at 16.50.
Google: Support now is 1120. Next upside target is 1350.
Apple: The 207 level is resistance. A drop to 180-84 is underway. But a rally above 207 will mean that AAPL is headed for 250.
Facebook: Support is at 166 and resistance is 198.
Twitter: TWTR is on its way to its all time high at 74.
Alibaba: BABA is probably headed back to 130 and below.
Visa: Support at 160-62 was not reached. V is now headed for 200.