Wednesday, February 24, 2016

Guesstimates on February 24, 2016

March S&P E-mini Futures: Today support stands at 1890, the .382 retracement back to the 1802 low of February 11. If this support fails the ES will continue down to 1800 or below. I think the ES will ultimately drop into the 1700-50 zone.
QQQ:  Support in the Q’s is 94-95 and resistance is at 104.
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 at 116 has failed. It looks like a new bear market has started which has bearish implications for world and for Japanese stock markets. Next downside target is 108.
April Crude: The 24 level is long term support.
April Gold:  a new bull market has begun in gold. The market bounced off of 1260 resistance. Support is at 1175 and the next upside target is 1315.
March Silver: I think the bear market in silver is over. Resistance is at 16.25.
Google: Support is 675.
Apple:  APPL has dropped below 100 so 90 is the likely next stop.
Facebook: Resistance is now 120. Support is 95.
Twitter: Twitter is probably headed for 10.
Alibaba: Resistance is at 75 and next downside target is 57.
Visa: Support is at 70.

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