Monday, August 31, 2020

Guesstimates on August 31, 2020


September S&P E-mini Futures:  The 3500 level is now support. A drop much below there could well develop into a big reaction. But remember that 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 and the ES is likely to trade well above 4000 by the end of 2021.

QQQ:  Resistance is 300 and support is at 269 and again at 250.

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. Upside target is 44. Support is now 35.

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

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

Google: Next step up will be to 1750. Meantime support is 1450.

Apple: The 110 level is support. Next upside target will be 145.

Amazon: Next upside target is 3700. Support is 2500.

Facebook:  Upside target at 290 has been reached. Support is at 270 and next upside target is 320.

Twitter: Upside target 75.

Alibaba: BABA now headed for 305.

Visa: Upside target is 240.

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