Friday, March 01, 2019
Guesstimates on March 1, 2019
March S&P E-mini Futures: The ES now appears to be on its way above the last top at 2814. In any case support is still at 2764. Longer term, a Lindsay basic advance probably started from the December low and should last two years or so while carrying the ES to historical highs.
QQQ: Next upside target is 174-76. Support is 162. A swing to new historical highs is probably underway.
TNX (ten year note yield): The 10 year yield should end its decline in the 2.30 – 2.50% zone.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: Upside target is 112.50. The failure of 109 resistance kills my bear market hypothesis and makes it likely that the Dollar-yen is headed above 115.
West Texas Crude Oil: A swing up to 59 is likely. A rally past 59 would probably mean a return to 76 and higher.
Gold: The market is headed for 1365. Support is at 1315.
Silver: Silver resistance is at 16.50.
Google: Resistance above the market is still at 1150. But a swing above 1175 would be very bullish.
Apple: AAPL is acting visibly worse than the averages and is still likely to drop as low as 120 during the coming months.
Facebook: FB is likely to stay below strong resistance at 175. But if this resistance fails a swing up to new bull market highs will then become likely.
Twitter: TWTR is has established a 27-36 trading range. A downside breakout from this range is likely within a couple of months and will probably carry TWTR to 12.
Alibaba: There is a good chance that BABA is headed for 100. But if strong resistance at 175 fails a swing up to new highs will then be likely.
Visa: Acting visibly stronger than the averages. I now think V is headed for 160-65.