Thursday, June 08, 2017

Guesstimates on June 8, 2017

June S&P E-mini Futures: Support beneath the market is still at 2429. Next upside target is 2455. The ES will probably trade at 2500 and above later this year.
QQQ:  Short term support is at 136. This average is headed for 145.
TNX (ten year note yield): The 10 year yield has dropped to its 200 day moving average. I think this average will stop the decline in yields and that a new up leg in yields will begin. Next upside target is 3.00%. A drop visibly below this moving average would be a warning of danger for world stock markets.
Euro-US Dollar: The ECB’s QE policy will ultimately drop the Euro below par. The 113-117 zone is long term resistance.
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. Support remains at 45, Next upside target is 62.
August Gold:  Next resistance is at 1305. I still think Gold is headed back to its 1035 low.
July Silver: Silver is headed for 13.00 and below.
Google: Upside target is 1010. Support is at 760.
Apple:  AAPL is on its way to 162.
Facebook: Support at 125. Next upside target is 160.
Twitter: Resistance at 20 is likely to stop any rally. A move back above that level would have longer term bullish implications. Until then TWTR is headed for 10.00.
Alibaba: BABA pushed past 135 this morning but I think it will have a hard time moving past 145-48 without a 15-20 point drop first. Support is 125
Visa: Next upside target is 105. Support is at 90.

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