Thursday, August 08, 2019
Guesstimates on August 8, 2019
September S&P E-mini Futures: The ES has rallied into the 2880-2902 resistance zone. I think sellers will successfully defend this resistance, If so another down leg should take the market below 2800 and probably below 2775. Continuation downward to 2670-2730 is likely before the drop from 3029.50 is complete. Nonetheless, 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: The market is headed for 230-240 during the next 18 months. Support is 178-80 then 170.
TNX (ten year note yield): The 1.60% level is now 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 apparently failed. This means that a drop to 100 is underway.
West Texas Crude Oil: It looks like backup support at 53 is failing. If it does I think crude oil will drop first to 45 and then to 34.
Gold: Support is near 1420. Next upside target is 1525 and then 1600-20.
Silver: Silver resistance is at 16.50.
Google: Support now is 1120. Next upside target is 1350.
Apple: A drop to 180-84 is underway.
Facebook: Support is at 166.
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 now 160-62.