Tuesday, July 02, 2019
Gueisstimates on July 2, 2019
September S&P E-mini Futures: News of at least a temporary truce in the trade war pushed the ES up past its June 21 top yesterday. Next resistance above the market is at 3000. 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 support at 108.00 has apparently failed. This means that a drop to 100 is underway.
West Texas Crude Oil: Crude has moved above resistance at 56. This makes continuation upward to the 68 level likely.
Gold: Support is at 1375.
Silver: Silver resistance is at 16.50.
Google: A drop back to 980 is 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.