Wednesday, June 10, 2020
Guesstimates on June 10, 2020
June S&P E-mini Futures: The March 23 low at 2174 ended the drop from 3397 – the Corona Crash. . I think the Fed’s QE program is very bullish long term and that the Corona Crisis has passed its peak. The 2174 low will hold for several years. But signs of an end to first leg up in the new bull market have started to emerge. If the ES stays below 3260 the odds favor a 200-300 point drop before the bull market resumes
QQQ: Upside target is 250. Support is 198.
TNX (ten year note yield): There is a good chance that the 0.40% level was the low yield of this nearly 40 year decline in bond yields and that yields will soon start a long march into higher ground.
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: The June ’20 contract low at 6.50 is likely to be the all-time low for crude oil and as such will hold for many years. A new bull market has begun. Resistance at 35-36 has failed and next upside target is 44. Support now is 32.
Gold: Gold has support in the 675-700 zone which so far has held. New historical highs lie ahead with the first step up to 1923 and the second to 2150.
Silver: It now looks like the 12.50 downside target ended the long silver bear market.
Google: Upside target is 1600.
Apple: Upside target is 355.
Amazon: 2500 has been reached. Support at 2000. Next upside target is 3000.
Facebook: Upside target is 290.
Twitter: Upside target 75.
Alibaba: BABA now headed for 250.
Visa: Upside target is 240.