Thursday, November 16, 2017

Guesstimates on November 16, 2017

December S&P E-mini Futures:  Yesterday’s early, high volume drop below 2562 proved to be a shakeout but there is strong resistance at 2578. I think the ES is likely to halt at this resistance and again drop below 2560. If it does it will continue downward to 2541 and quite possibly lower than that.  In any case the ES is likely to trade well above 2600 during the coming months.
QQQ:  Short term support is at 144.  I think this average is headed for 160 before a significant drop develops.
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: Resistance at 117 has failed. The 118.75 level is likely to stop this rally. Should it fail then a swing up to 121-122 will be underway.
Dollar-Yen: A bull market is underway. Support is at 108. Upside target is 126-27 then 136
West Texas Crude Oil: Crude is headed for its next upside target at 63. Support now is at 49.
Gold:  The 1290 level is resistance. If it fails the ES is likely to continue up to 1390. Downside target is currently 1220.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: Next upside target is 1070. Support is at 900.
Apple:   Support still is at 144. Next upside target is 182.
Facebook: FB moved as high as 188 after its latest earnings news. Support is at 170 and the upside target is 200.
Twitter: Resistance at 20 has failed and a high volume upside breakout from a one year trading range appears to be underway. Breakout support is 18. As long as it holds TWTR is headed for 34-36 with a temporary halt at 25 on the way up.
Alibaba: Support remains at 160. Next upside target is 199.
Visa: Upside target now is 120.

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