Friday, March 23, 2018

Guesstimates on March 23, 2018

June S&P E-mini Futures:  The ES dropped to within 7 points of 2610 support last night and I think there is still a better than even chance the market will get there before reversing direction in a big way. Resistance is at 2663 and 2680. If this last level fails it will mean that a swing up to and above 2807.25 is underway. In any case the drop from 2897.25 is likely to end above the February low of 2532.50. The ES is likely to trade near 3100 later this year.
QQQ: Support is at 160 and next upside target is 180.
TNX (ten year note yield): It looks like the reaction from the 2.95% upside target ended near 2.80%. Next upside target is 3.20%. I still think this is good news for the stock market because it means that confidence in future growth is being restored. This in turn means that investors will try to put the huge supply of central bank liquidity to work in risky assets. This process will drive world wide stock market prices higher.
Euro-US Dollar: The Euro has nearly reached the 126 target.  Support remains at 122.50. Next upside target will be 130.
Dollar-Yen: Support at 108 has finally failed. Downside target now are 99 and then 90.
West Texas Crude Oil: I expect crude to hold support at 59. The next upside target is 74.
Gold:  The 1295 level is support. Upside target is 1390.
Silver: Resistance is at 18.50. Silver is headed for 13.00 and below.
Google: GOOG is headed for 1250.
Apple:  AAPL is headed higher to 180 and above.
Facebook:  FB is likely to move higher into the 195-200 zone. Meantime support is at 162.
Twitter: TWTR reached the 34-36 target zone on earnings news.
Support is at 26. I expect TWTR to move up to 48.
Alibaba: BABA should rally to 215 over the coming weeks.  
Visa: Headed for 135.

No comments: