Wednesday, April 26, 2017

Guesstimates on April 26, 2017

June S&P E-mini Futures: The ES has stalled at 2388 resistance but no selling pressure has emerged there. Consequently the market is likely to rally above its March 1 top at 2397.25 before a normal reactions of 18-36 points develops. upside target for this swing at 2380 has nearly been reached. I think the ES will be trading well above 2400 later this year.
QQQ:  The March 2000 top at 120.50 is long term support. Shorter term support is now at 126.00. Next upside target is 136 has almost been reached.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 108. Upside target is 126-27 then 136
West Texas Crude Oil: Crude is in a bull market. The 56-58 upside target has been reached. Support remains at 45, Next upside target is 62.
June Gold:  Next resistance is at 1305. I still think Gold is headed back to its 1035 low.
May Silver: Silver is headed for 13.00 and below.
Google: Support is 675. New upside target is 1010.
Apple:  I still think the bull market in APPL is intact. AAPL is on its way to 162.
Facebook: Support at 120. Next upside target after 145 is 160.
Twitter: Resistance at 20 is likely to stop any rally. TWTR is headed for 10.00.
Alibaba: I expect BABA to swing up to 125.
Visa: Upside target zone of 90-95 has been reached and I expect Visa to stall here for a while. Support is at 82.

No comments: