Guesstimates on February 10, 2017

March S&P E-mini Futures: The ES moved above its January 23 top of 2299.50 yesterday. The 2310 level is near term resistance and is likely to produce a drop of 14-20 points. But the really strong resistance above the market  is at 2340 where the rally from the November 8 low will match the size of last year’s February-June rally. The ES is headed substantially higher during 2017.

QQQ:  The March 2000 top at 120.50 is now support. This average should move generally higher in 2017.

TNX (ten year note yield): Support in the 10 year note yield is at 2.25%. Next upside targets will be 2.85%  and then 3.40%. The 10 year yield is 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 111-12. 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.

April Gold:  Gold is headed back to its 1035 low and quite possibly lower. Meantime resistance is at 1260.

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 and then to 145.

Facebook: Support at 112. Next upside target is 145.

Twitter: Breakout resistance at 20 is likely to stop any rally. TWTR is headed for 10.00.

Alibaba: The 85-90 zone is strong support and I expect BABA to swing up to 125.

Visa: Support is at 70. Upside target is 90-95.