Thursday, April 16, 2020
Guesstimates on April 16, 2020
June S&P E-mini Futures: A drop of 200 points or so from the rally high at 2846 is underway. But the March 23 low at 2174 almost surely ended the drop from 3397 – the Corona Crash. A new bull market has begun. I think the Fed’s new QE program is very bullish long term while the Corona Crisis shows definite signs of having passed its peak. Bearish sentiment and volatility remain very high and this reinforces my view that a very important low has occurred.
QQQ: Support is 165.
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: I am not sure what is going on with the dollar-yen other than it seems to be confined within a 101-115 trading range.
West Texas Crude Oil: Support now is 18 with resistance at 30.
Gold: Gold has broken through 1700-50 resistance. This is a very bullish sign and makes continuation up to 2100 likely.
Silver: Sit now looks like the 12.50 downside target ended the long silver bear market.
Google: Support is 1000.
Apple: Support is 225.
Amazon: 1650 is support.
Facebook: Support is 125.
Twitter: Support at the 28 level has failed. Downside target now 13.
Alibaba: Support is 150.
Visa: Support is 125.