Wednesday, March 02, 2016

Guesstimates on March 2, 2016

March S&P E-mini Futures: If the ES manages to trade for a full day above 1968 I will abandon my bearish long term views. The fact that the market has so far moved 16 points above that resistance level is in itself bullish behavior. Support beneath the market is in the 1940-52 zone.
QQQ:  Support in the Q’s is 94-95 and resistance is at 104.
TNX (ten year note yield): While I still think that the market yield will reach 3.00% during the next 12 months it is likely that a historical low near 1.30% will be reached first.  
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.
May 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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