Monday, October 22, 2018
Guesstimates on October 22, 2018
December S&P E-mini Futures: Last night the ES again dropped well below support but once more has recovered above the lower support level at 2770. A swing visibly above 2790 will still mean that another up leg has begun and will probably carry the to 2850 and above. I think the ES will reach 3000 by the end of the year and maybe 3100.
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. 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 has made or will make its low in the 130-135 zone.
Visa: Support still is 135.