Wednesday, July 29, 2020
Guesstimates on July 29, 2020
September S&P E-mini Futures: The ES is still likely to drop to 3180. A break much below 3180 would mean that a drop of 300 points is underway. Short term bearish thoughts aside, this is still a bull market. 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.
QQQ: Support is 235. The next upside target is 285.
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 at 115.50 has failed. A swing up to 125.00 is now likely.
Dollar-Yen: Still confined within a 101-115 trading range.
West Texas Crude Oil: A bull market is in progress. Next upside target is 44. Support now is 32.
Gold: Gold has reached 1974 so far. Support is at 1900 and 1800. Next upside target is 2150.
Silver: Silver has traded as high as 26.27. Resistance is at 27.00. Support is 19.00.
Google: Upside target is 1600 has nearly been reached. Next step up will be to 1750.
Apple: Next upside target is 395 has been reached. Support now is at 350 and next upside target is 450.
Amazon: Upside target at 3000 has been reached and exceeded. Next upside target is 3700. Support is 2500.
Facebook: Upside target is 290.
Twitter: Upside target 75.
Alibaba: BABA now headed for 305.
Visa: Upside target is 240.