Friday, September 04, 2015

Guesstimates on September 4, 2015

September S&P E-mini Futures: Today’s range estimate is 1912-39. The odds are good that last week’s 1831 low ended the drop from the May-July tops. Weakness during the past two days leads me to believe that the market will be stuck in its 1831-1992 trading range for several weeks.
QQQ:  I think that the drop from 114 ended at the August 24 low of 84. Upside target is now 120.
TNX (ten year note yield): I think that the market yield is headed up to 3.00%.
Euro-US Dollar:  The market hit resistance at 1.17 and is now headed lower. Downside target is 0.96 over the coming months.
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 127-28 is near term resistance.
October Crude:  Support is 35. Resistance above the market is at 50.
December Gold:  Resistance above the market is 1170.
December Silver: I think the bear market in silver may be over. If so support is at 13.50.
Google:  In now think GOOG will hold support at 620 on any break and then resume its bull market.
Apple:  AAPL reached its 95 target and is now headed higher. Temporary resistance now is at 118-120.
Facebook: Support is still at 80.
Twitter: TWTR is headed for 18.
Alibaba: The 55-60 target zone was reached and 75 is now resistance. I think the 50% drop in BABA will now be followed by a move up to 90 or so.
Visa: Support at 63 held and I think Visa is headed higher.

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