Wednesday, January 02, 2019

Guesstimates on January 2, 2019

March S&P E-mini Futures: The Christmas Crash ended temporarily tat 2317. The ES has begun a drop which will probably end near 2420 but any case above the crash low. The subsequent rally should carry the ES close to or above 2600. A bear market low near 2100 in October 2019 seems like a reasonable projection.
QQQ: The Q’s dropped well below 150 during the Christmas crash to 142. Resistance now is 15 points or so above temporary low. Next downside target is 133.
TNX (ten year note yield): Support remains at 2.70%.
Euro-US Dollar: Downside target is 103.
Dollar-Yen: A swing up to 117 is likely but only if support at 109 holds. This support is starting to look wobbly. If it fails a drop to 100 will follow.
West Texas Crude Oil: Crude bounced off of support at 42 but the rally is unlikely to carry past resistance at 51 before a drop to 38 develops.  
Gold: The market has passed 1285 resistance and is headed for 1315.
Silver: Silver resistance is at 16.50.
Google: This bear market is likely to carry GOOG to 650-750.
Apple:  AAPL has reached 150 support but will probably drop as low as 120 during the coming months.
Facebook:  FB is holding support at 125 but eventually should drop to 100 or so.
Twitter: TWTR is back below 30 and probably headed for 12.
Alibaba: There is a good chance that BABA is now headed for 100.
Visa: Support remains at 125 but a drop to 95 is likely over the next few months.

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