Tuesday, December 04, 2018

Guesstimates on December 4, 2018 - no guesstimates tomorrow

December S&P E-mini Futures: The ES market is likely to trade sideways for a while before moving above 2818-24 resistance. I expect support to 2771 to hold. I think the ES is on its way to new bull market highs above the September 21 top at 2947.
QQQ: The 167 resistance level has failed. This makes a swing up to and above 187 likely.
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: The 1250-60 zone is likely to halt the rally and the downside target remains 1125.
Silver: Silver is headed for 12.50 and possibly lower.
Google: I think GOOG is headed above its last top at 1295.
Apple:  AAPL 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: Now headed up to 165.

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