Thursday, March 12, 2020

Guesstimates on March 12, 2020


March S&P E-mini Futures:  The ES is trading near 2600 support. There is enough bearish sentiment to generate a 300 point rally. But a move to new bull market highs will probably have to wait for some resolution of the ongoing Corona Crisis.
QQQ: Support is now 180-85.
TNX (ten year note yield): Downside target is 0.00.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The dollar-yen has dropped back below 108 support. Downside target is 100.
West Texas Crude Oil: The Saudis started a price war which so far has dropped crude as low as 28. Support now is 25 with resistance at 37.
Gold: Next upside target is 1750. Support is 1530.
Silver: Silver is woefully underperforming gold. I am abandoning my short term bullish outlook for silver. Downside target is 12.50.
Google: Support at 1250 has failed. Next support is 1150.
Apple: Support is 250.
Amazon: Support at 1750 failed. 1650 is next support.
Facebook:  Support at 175 has failed. Next support at 159.
Twitter: Support at the 28 level has held so far but its failure would be very bearish.
Alibaba: BABA is headed for 245. Support is 185.
Visa: Support is 165.

No comments: