Wednesday, June 10, 2015

Guesstimates on June 10, 2015

June S&P E-mini Futures: Today’s range estimate is 2084-2095. I still think that the ES will drop further to 2057 or lower. But strength above 2097 would mean that the drop from 2134 is over and that new bull market highs lie ahead.
QQQ:  Support is at 105.
TNX (ten year note yield): I think that the market yield is headed up to 3.00%.
Euro-US Dollar:  Resistance stands at 1.1250 and as long as it holds I will stick with my view that the Euro is headed below 1.00. If resistance fails then the market will head up into the 1.18-1.20 zone before the bear market resumes.
Dollar-Yen: Support is at 116. The bull market has much further to go over the coming months. 140-45 is my longer term target zone while 127 is near term resistance.
July Crude:  The longer term trend in oil prices is downward and should carry this market down close to the 2008 low at 33. Crude has reached 64 resistance and I think the market will stall here and then head lower.
August Gold:  The odds favor continuation downward to 1040 over the coming months. Resistance above the market is at 1215.
July Silver: I think silver is headed for 13.00.
Google:  I think the longer term trend is upward and expect GOOGL to hit 670.
Apple:  There is no reason for thinking the bull market is over. New upside target is 140 but 160 should not be far behind. Support is at 121.
Facebook: Upside target is 90. Support is 72.
Twitter: I still expect TWTR to move up to 70. Support is at 35.
Alibaba: BABA has moved down to support at 85.
Weakness below there would mean that the market is headed for 70.  
Visa: Upside target is 72. Support is 63.

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