Wednesday, February 26, 2020

Guesstimates on February 26, 2020


March S&P E-mini Futures:  There is strong support in the 3050-90 zone which has a good chance of ending the drop from 3397.50. In any case higher prices are likely later this year. The Lindsay basic advance which started from the December 2018 low remains intact and is likely to carry the ES to 3550 or so.
QQQ: Support is at 200. The long standing 230-40 target was reached but I don’t think that ended the bull market.
TNX (ten year note yield): 1.60% support level failed. Downside target is now 1.25% then 1.00%.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The dollar-yen has reestablished itself above 108 support. Upside target is now 120-21.
West Texas Crude Oil: Support is the 50-53 zone. Resistance is 55.
Gold: Upside target at 1650 has been reached and exceeded. Next upside target is 1750. Support is 1530.
Silver: Support is at 16.50. Silver is woefully underperforming gold. I am brining my upside target down to 20.00.
Google: Next upside target is 1550. Support is now 1375.
Apple: Support is now 275.
Amazon: Upside target is 2300. Support is 1950.
Facebook:  Next upside target is 250. Support is 200.
Twitter: Support at the 28 level has held and a rally to 55-60 is underway.
Alibaba: BABA is headed for 245. Support is 195.
Visa: Support is 185.

Tuesday, February 25, 2020

Guesstimates on February 25, 2020


March S&P E-mini Futures:  Higher prices are likely later this year. In the meantime the ES is likely to drop to 3140 or so before another up leg starts. The Lindsay basic advance which started from the December 2018 low remains intact and is likely to carry the ES to 3550 or so.
QQQ: Support is at 200. The long standing 230-40 target was reached but I don’t think that ended the bull market.
TNX (ten year note yield): 1.60% support level failed. Downside target is now 1.25% then 1.00%.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The dollar-yen has reestablished itself above 108 support. Upside target is now 120-21.
West Texas Crude Oil: Support is the 50-53 zone. Resistance is 55.
Gold: Upside target at 1650 has been reached and exceeded. Next upside target is 1750. Support is 1530.
Silver: Support is at 16.50. Silver is woefully underperforming gold. I am brining my upside target down to 20.00.
Google: Next upside target is 1550. Support is now 1375.
Apple: Support is now 275.
Amazon: Upside target is 2300. Support is 1950.
Facebook:  Next upside target is 250. Support is 200.
Twitter: Support at the 28 level has held and a rally to 55-60 is underway.
Alibaba: BABA is headed for 245. Support is 195.
Visa: Support is 185.

Monday, February 24, 2020

Guesstimates on February 24, 2020


March S&P E-mini Futures:  Higher prices are likely later this year. In the meantime the ES is likely to drop 170-250 points from its 3397.50 top. Even so, the Lindsay basic advance which started from the December 2018 low remains intact and is likely to carry the ES to 3550 or so.
QQQ: Support is at 200. The long standing 230-40 target was reached but I don’t think that ended the bull market.
TNX (ten year note yield): 1.60% support level failed. Downside target is now 1.25% then 1.00%.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The dollar-yen has reestablished itself above 108 support. Upside target is now 120-21.
West Texas Crude Oil: Support is the 50-53 zone. Resistance is 55.
Gold: Upside target at 1650 has been reached and exceeded. Next upside target is 1750. Support is 1530.
Silver: Support is at 16.50. Silver is woefully underperforming gold. I am brining my upside target down to 20.00.
Google: Next upside target is 1550. Support is now 1375.
Apple: Support is now 275.
Amazon: Upside target is 2300. Support is 1950.
Facebook:  Next upside target is 250. Support is 200.
Twitter: Support at the 28 level has held and a rally to 55-60 is underway.
Alibaba: BABA is headed for 245. Support is 195.
Visa: Support is 185.