Monday, July 11, 2016

Guesstimates on July 11, 2016

September S&P E-mini Futures: The Brexit drop ended at 1981.50 and the ES is headed well above last year’s top at 2134 which itself was nearly reached last night. The 2143 level is temporary resistance and a drop of 20-40 points is likely before the ES can establish itself above 2134.
QQQ:  The 112 level is resistance and support is at 104.
TNX (ten year note yield): The market has dropped below the 2012 low yield of 1.39% but I think a substantial advance in yields in imminent.
Euro-US Dollar: I still think that the ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: A bear market is underway. Resistance now is 104-106. Next downside target is 95.
August Crude: Crude is in a bull market. Next upside target is 55. Support is at 45.
August Gold:  A bull market is underway in gold. Support is now at 1250. Next upside target is 1420.
July Silver: Silver exceeded the 20.00 target by more than a dollar. Next upside target is 25.00. Support now is at 18.00.
Google: Support is 675.
Apple:  I still think the bull market in APPL is intact. However should AAPL start spending time below 90 I think continuation down to 70 will become likely.  
Facebook: Upside target is 125-127. Meantime support is at 110.
Twitter: Twitter should drop to 10. Resistance is at 16.25.
Alibaba: Now headed back to 86.
Visa: Support is at 70. Upside target is 90-95.

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