Real Time e-mini S&P Trading, plus contrarian commentary on all the markets, all the time
Tuesday, October 01, 2019
Guesstimates on October 1, 2019
December S&P E-mini Futures: The ES is attempting to establish itself above 2990 resistance. If it succeeds a swing to and above 3032 will follow. Much higher prices are likely during the coming months. 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. Shorter term,
QQQ: I think that this index is headed for 230-240 during the next 18 months.
TNX (ten year note yield): The notes blew past 1.60% resistance which is now support.. I think the fast move up from 1.45% is the start of a big up swing in yield. This is likely to carry the 10 year yield first to 3.24% and then to 5.00 %. Contrary to popular belief higher yields will be bullish for stock prices since they will indicate confidence that more and stronger economic growth lies ahead.
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: Support at 57 has failed. A swing down to 49 is underway.
Gold: Support near 1490 failed and is now resistance. A somewhat stronger resistance level is 1515. A drop to 1400 is a reasonable expectation with even lower prices a good possibility.
Silver: Support is at 16.50. If it fails a drop to 12.50 will be underway.
Google: Support now is 1120. Next upside target is 1350.
Apple: 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 starting to act as if a breakout above the 180 resistance level is imminent. If it occurs then BABA will be headed for new bull market highs.
Visa: Support at 160-62 was not reached. V is now headed for 200.
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