Monday, July 08, 2019

Guesstimates on July 8, 2019

September S&P E-mini Futures: The ES is hesitating at 3000 round number resistance. But I expect support at 2945 to hold. 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. Next upside target is 1475.
Silver: Silver resistance is at 16.50.
Google: Resistance at 1120 may be failing. If it does a swing up to 1250 will follow.
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.

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