Thursday, August 13, 2020

Guesstimates on August 13, 2020


September S&P E-mini Futures:  Next upside target is the all time high at 3397. This is 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: 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: Upside target is still 2150 but this reaction has dropped gold more than 200 from its high. Support now is 1850 and resistance is 1990. There may well be another leg down before the bull market resumes.

Silver:  Support is 25.00 and next upside target is 31.00.

Google: Upside target is 1600 has nearly been reached. Next step up will be to 1750.

Apple: Upside target at 450 has been reached. 395 is support. Next upside target will be 550.

Amazon: 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.

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