Thursday, August 31, 2017

Guesstimates on August 31, 2017

September S&P E-mini Futures: The current up swing is likely to carry to and above the August 8 top at 2488.50. Meanwhile support is at 2445. I expect to see the ES trade well above the 2500 level later this year.
QQQ:  Short term support is at 136. This average is headed for 150.
TNX (ten year note yield): If the 10 year yield can stay above the 2.15% level then I think deflationary fears have been put aside and the trend upward to a 3.00% yield will continue.  
Euro-US Dollar: Upside target is 122 while support is at 115. I think the rise in the Euro represents an effective tightening in Euro zone monetary conditions. This is good reason to expect the ECB to continue its QE policy. If the ECB does not it will drive a nail into the coffin of the 9 year bull market in world stock markets.
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 headed back to 55 and support is at 45.
December Gold:  Gold is headed for 1390.
December Silver: Silver is headed for 13.00 and below. Resistance is at 18.50.
Google: Upside target at 1010 was nearly reached but the bull market is still going strong. Next upside target will be 1070. Support is at 900.
Apple:  AAPL reached its 162 target. Support still is at 144.
Facebook: FB got within 2 points of the upside target at 180. I think FB will have a hard time moving much past that level for a while. Meantime support is at 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 is headed for resistance at 178-80. Support is at 160.
Visa: V has made it up to the 103 target. Support remains in the 89-90 zone.

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