Monday, November 20, 2017

Guesstimates on November 20, 2017

December S&P E-mini Futures:  The ES has retraced more than half its rally from last week’s low which means that this trip up is likely to stall at resistance in the 2589-94 zone. Nonetheless I still think the market will move well above 2600 during the next few 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: 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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