Friday, March 22, 2019
Guesstimates on March 22, 2019
June S&P E-mini Futures: Yesterday’s big rally surprised me but until the ES establishes itself above 2860 the odds still favor a drop, this time to 2795. 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 well above 3000.
QQQ: Upside target at 181 has been reached. Support now is at 172 and the next upside target will be last year’s top at 187. A swing to new historical highs is 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 Dollar-yen is headed above 115.
West Texas Crude Oil: The 59 resistance level has been reached. A rally visibly past 59 would probably mean a return to 76 and higher.
Gold: Resistance is at 1325. Gold is headed down to 1250-60 and a bigger drop to 1170 is at least an even bet.
Silver: Silver resistance is at 16.50.
Google: Resistance at 1150 has failed. Google is headed for 1350.
Apple: Resistance is at 185. If it fails AAPL will be headed for new bull market highs.
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: Resistance at 175 now appears to be morphing into support. This is bullish action and implies that a swing up to new bull market highs is underway.
Visa: V is headed for 160-65.