Guesstimates on January 5, 2017

March S&P E-mini Futures: Friday’s low at 2228 is likely to hold and the next upside target is the 2325-45 zone. I expect 2017 to be a bullish year for the U.S. stock market.

QQQ:  The 120.50 level is strong resistance since it is the historical high which the Q’s established in March of 2000. I expect this average to eventually move above that level to 125 and probably higher than that later in 2017.  

TNX (ten year note yield): I think a push up into the 2.85-3.00% zone is likely before the longer term up trend in yields pauses. 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: A new bull market is underway. Support now is at 112. Upside target is 126-27 then 136

West Texas Crude Oil: Crude is in a bull market. The 56-58 upside target has nearly been reached. Support remains at 45, Next upside target is 62.

February Gold:  Gold is headed back to its 1035 low and quite possibly lower.

March Silver: 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.