Friday, August 16, 2019

Guesstimates on August 16, 2019

September S&P E-mini Futures: The ES has reestablished itself above the 2860 level. The market is oversold and bearish sentiment has quickly built up to significant levels. This inclines me to think that another bull market up leg has begun and is likely to carry the ES to new highs. I will stick with this view as long as the ES can maintain itself above 2836. The Lindsay basic advance which started from the December low remains intact and is likely to last two years and carry the ES to 3500 or so.
QQQ: Support in the 178-80 zone is still holding. But if it fails the Q’s are probably headed for 160-62. Even then I think that this index is headed for 230-240 during the next 18 months.
TNX (ten year note yield): The 1.60% level is support.
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 failed. This means that a drop to 100 is underway.
West Texas Crude Oil: Resistance is 57. As long as it holds crude is likely to drop first to 45 and then to 34.  
Gold: Support is near 1460. Next upside target 1600-20.
Silver: Silver resistance is at 16.50.
Google: Support now is 1120. Next upside target is 1350.
Apple: The 207 level is resistance. A drop to 180-84 is underway. But a rally above 207 will mean that AAPL is headed for 250.
Facebook:  Support is at 166 and resistance is 198.
Twitter: TWTR is on its way to its all time high at 74.
Alibaba: BABA is probably headed back to 130 and below.
Visa: Support at 160-62 was not reached. V is now headed for 200.

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