Wednesday, January 20, 2016

Guesstimates on January 20, 2016

March S&P E-mini Futures: Today’s range estimate is 1813-1855. The ES dropped two points below its August 2015 low of 1831 early this morning. The October 2014 low sits at 1813. I think a slight extension of the overnight drop is likely but then will probably be followed by a rally of 90-100 points.
QQQ:  Downside target is 96.
TNX (ten year note yield): I think that the market yield is headed up to 3.00%.
Euro-US Dollar:  The market is 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.
March Crude:  Crude has slipped a below the 30 level but I don’t think the market will spend much time below 30 before beginning a rally of $10 or so.
February Gold:  The odds favor continuation down to 1030.
March Silver: I think the bear market in silver may be over. If so support is at 13.50.
Google: Support is 680.
Apple:  APPL has dropped below 100 so 90 is the likely next stop.
Facebook: Resistance is at 110-12. Support is 95.
Twitter: Twitter has dropped below 19 and is probably headed for 10.
Alibaba: Support at 75 has been broken so BABA is headed for 65.
Visa: Support is at 70.

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