Wednesday, November 28, 2018
Guesstimates on November 28, 2018
December S&P E-mini Futures: The ES has established itself above 2670 resistance and should soon reach resistance at 2722. If sellers fail to stop the rally there then the longer term picture will become much more bullish and new bull market highs will again become likely. Otherwise a drop to 2603 and below will be in the cards.
QQQ: The downside target remains 155 but if 167 resistance fails the picture will become much more bullish.
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: Downside target is 103.
Dollar-Yen: A swing up to 117 is likely.
West Texas Crude Oil: A drop visibly below 50 would be likely to continue to 43 and possibly lower.
Gold: Downside target is 1125 and resistance is 1225.
Silver: Silver is headed for 12.50 and possibly lower.
Google: I think GOOG has ended its drop from its 1295 high. The 1125 level is the first resistance on the way back up.
Apple: AAPL dropped below 198 support and is headed for 160.
Facebook: FB got close to the 125 downside target and a rally to 150-55 is underway.
Twitter: TWTR has reestablished itself above 30 in the face of the tech massacre and is now likely to return to 48
Alibaba: There is a good chance that BABA has made its low in the 130-135 zone. A rally to 175 is underway.
Visa: Support is now 125.