Monday, August 24, 2020

Guesstimates on August 24, 2020


September S&P E-mini Futures:  The ES has traded well above its previous all-time high at 3397. 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 and the ES is likely to trade well above 4000 by the end of 2021.

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 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 is 32.

Gold: Upside target is still 2150. Support now is 1850.

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: The 395 level 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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