Wednesday, July 31, 2019
Guesstimates on July 31, 2019
September S&P E-mini Futures: Support is at 3000 and if it fails the ES will drop further to 2970. In either case the next upside target is 3048. 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. Support is 188.
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: 56 is support. Continuation upward to the 68 level likely.
Gold: Support is at 1375. Next upside target is 1475.
Silver: Silver resistance is at 16.50.
Google: The 1250 target has been reached. Support now is 1175. Next upside target is 1350.
Apple: I think that a swing to new bull market highs is underway.
Facebook: It looks like FB is headed for new bull market highs.
Twitter: TWTR is on its way to its all time high at 74.
Alibaba: BABA is probably headed back to 130 and below.
Visa: Upside target at 183 has been reached. Support is at 170. Next upside target is 200.