Wednesday, September 25, 2019
Guesstimates on September 25, 2019.
December S&P E-mini Futures: The market dropped below 2968 support yesterday. Sellers are now defending 2980 resistance. Consequently another step down to 2900 lies ahead. Even so, much higher prices are likely during the coming months. 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: I think that this index is headed for 230-240 during the next 18 months.
TNX (ten year note yield): Late last week the notes blew past 1.60% resistance. I think the fast move up from 1.45% is the start of a big up swing in yield. This is likely to carry the 10 year yield first to 3.24% and then to 5.00 %. Contrary to popular belief higher yields will be bullish for stock prices since they will indicate confidence that more and stronger economic growth lies ahead.
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: Support remains at 57. As long as it holds crude is headed up to 67-72.
Gold: Support is near 1490. Next upside target 1600-20.
Silver: Silver resistance failed and a breakout from a very long trading range has developed. Next upside target is 22.50.
Google: Support now is 1120. Next upside target is 1350.
Apple: 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 starting to act as if a breakout above the 180 resistance level is imminent. If it occurs then BABA will be headed for new bull market highs.
Visa: Support at 160-62 was not reached. V is now headed for 200.