Tuesday, November 29, 2016

Guesstimates on November 29, 2016

December S&P E-mini Futures: A swing up to 2238 and higher is underway. Support is in the 2185-91 zone.
QQQ:  The 120 level is still resistance but I expect to see the Q’s trade up to 125 at least.
TNX (ten year note yield): A substantial advance in yields is underway which should push the 10 year yield up to 2.50% and eventually higher than that. The 10 year yield is now well above its 200 day moving average which suggests that a sustained rise in yields is underway. I think this paradoxically is a very bullish omen for world stock markets.
Euro-US Dollar: The ECB’s QE policy will ultimately drop the Euro below par.
Dollar-Yen: Resistance at 108 has failed. This means that a new bull market is underway. Support now is at 106 and as long as the dollar-yen hold 103 I will stay longer term bullish.
January Crude: Crude is in a bull market. Support is still at 40-41. Next upside target is 56-58.
December Gold:  The drop below 1200 means that gold is headed back to its 1035 low and quite possibly below it.
December Silver: The support level at 17.00 has failed. Silver is headed for 13.00 and below.
Google: Support is 675. Upside target is 880.
Apple:  I still think the bull market in APPL is intact. If it is AAPL is on its way to 135.
Facebook: Support at 112. Next upside target is 145.
Twitter: Breakout support at 20 is likely to stop the current rally. TWTR is headed for 10.00.
Alibaba: The 85-90 zone is strong support and I expect BABA to swing up to 125 from there.
Visa: Support is at 70. Upside target is 90-95.

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