Wednesday, October 17, 2018

Guesstimates on October 17, 2018

December S&P E-mini Futures: Yesterday’s upside breakout from a three day trading rang which had formed above the 2738-49 support zone is bullish. The drop from 2947 probably ended at the 2712 low. I think the ES will reach 3000 by the end of the year and maybe 3100. The cover of the most recentissue of “The Economist” lends support to the bullish case.
QQQ: The drop from 187 probably ended at 167. Upside target is now 192.
TNX (ten year note yield): Support remains at 2.70%. Next upside target is 3.50%. Rising interest rates are good news for the stock market because they signify 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: It is likely the Euro bear market has resumed. Ultimately it is likely to carry the Euro back down to its 103 low.
Dollar-Yen: A swing up to 117 is likely.
West Texas Crude Oil: Support is 65. The 72-74 zone was strong resistance but now is morphing into support. A rally past 76 will probably take crude up to 90.  
Gold: Resistance in the 1215-20 zone has failed and is now support. Upside target is 1265.
Silver: Silver is headed for 12.50 and possibly lower.
Google: Support is at 1060.  
Apple:  AAPL is headed for 250.
Facebook:  FB has support at 150. I think FB will move to new highs before this bull market is over.
Twitter: TWTR is headed back to 13 or below. A recovery back above 30 would be bullish.
Alibaba: Support at 145 failed but there is a good chance that BABA will make its low in the 130-135 zone.
Visa: Support still is 135.

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