Tuesday, April 23, 2019

Guesstimates on April 23, 2019

June S&P E-mini Futures: Next upside target is 2947, last year’s high. Near term support is at 2880 and if it fails the ES will drop to 2840. 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:  Last year’s top at 187  should be temporary resistance. Support is at 180. A swing to new historical highs is underway and is likely to carry the Q’s well above 200 during the next 18 months.
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: Crude is headed back to 76.
Gold: Resistance remains 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: 1150 is now support. Google is headed for 1350.
Apple:  Resistance at 185 has morphed into support. This means that AAPL is headed for new bull market highs.
Facebook:  FB is likely to stay below strong resistance at 175. But a swing above 180 will mean that new bull market highs are likely.
Twitter: TWTR has established a 27-36 trading range. Given the outlook for the broad market an upside breakout is likely. If it occurs TWTR will be on its way to its all time high at 74.
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 has reached the 160-65 target zone. Support is now at 153 and next upside target is 175.

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