Monday, May 02, 2022

Guesstimates on May 2

June S&P E-mini Futures:  The ES has dropped to within a few points of its February 24 low at 4094. Sentiment is very bearish but a further drop into the 3925-4025 range is as likely as not. The upcoming low will end the drop from 4800 and the subsequent up swing will carry the ES to new historical highs.

QQQ:  Support is 306.

TNX (ten year note yield): Yields are in the early stages of a long march to higher ground. Support is at 2.00%. Odds favor a swing up to at least 3.75% during the next few months.

Euro-US Dollar: Downside target is 103.75

Bitcoin: Support is 3600. Upside target 69,000.

West Texas Crude Oil: Support is 93. Resistance is 108.

Gold: Gold is probably headed for 2150. Support is now 1900.

Apple: Upside target is still 200. Support is 125.

Alibaba: BABA reached 75 support. Resistance is 125.

Amazon: Support is now 2350.

Facebook:  Support is 180. Resistance is 235.

Google: Support at 2400 failed. Next support is 2100.

Netflix: Downside target is now 160 and 275 is resistance.

Tesla: Support at 900 failed but support at 815 has held so far. A big upswing to and above 1260 is underway.

Twitter: Resistance is in the 55-60 range. Support is 42.  

Visa: Upside target is 250. Support still 195.

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