Thursday, June 20, 2019
Guesstimates on June 20, 2019
September S&P E-mini Futures: The ES has reached its May 1 top at 2961.25. A drop of 21-44 points is likely to begin soon from its general vicinity. Looking further ahead the Lindsay basic advance which started from the December low is likely to last two years and carry the ES to 3500 or so.
QQQ: The market is headed for 230-240 during the next 18 months. Near term target is 197.
TNX (ten year note yield): A drop to 1.85% is probably in the cards.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The Dollar-Yen has bounced off of 112.50 resistance. Support is 108.00. Next upside target is 116.00.
West Texas Crude Oil: It looks like 53-54 support has failed. The 56 level is now resistance and the next downside target will be 45.
Gold: Gold has reached and exceeded the 1380 target. Support is at 1350. Next upside target is 1450.
Silver: Silver resistance is at 16.50.
Google: A drop back to 980 is now likely. The 1120 level is resistance.
Apple: I think that the low near 170 will hold and that a swing to new bull market highs is underway.
Facebook: Support is at 165. The rally from there has been strong and it looks like FB is headed for new bull market highs.
Twitter: Support is 31. TWTR is on its way to its all time high at 74.
Alibaba: BABA is probably headed back to 130 and below.
Visa: V has reached the 160-65 target zone. Support is now at 150 and the next upside target is 183.