Guesstimates on December 6, 2013

December S&P E-mini Futures: Today’s range estimate is 1794-1808. The employment number was mildly bearish since it came in higher than expected, thus bringing forward the date of the dreaded “tapering” in the Fed’s quantitative easing program. Yet after a brief drop on the news the ES has moved well above breakout resistance at 1798.50. This is bullish behavior and means that Wednesday’s 1777.75 low ended the drop from 1812.50 and that the ES is now headed for new bull market highs.

QQQ:  Support is at 80. Upside target is now 88.

TNX (ten year note yield): I think the market will move to 3.50% over the next few months.

Euro-US Dollar: As long as the Euro holds support at 1.3400 I will stick with my view that it is headed for 1.40-1.42.

Dollar-Yen: The dollar-yen is headed for 107.00.

January Crude:  I think crude is headed back to 86 and possibly lower than that.

February Gold:  The market is headed to 1030.

March Silver: The market is now headed for 13.00.

Google:  Upside target is now 1150 and support beneath the market stands at 970.

Apple:  AAPL has been stalling at the 565 resistance level. Should it be breached the next upside target will be 600.