Monday, January 06, 2020
Guesstimates on January 6, 2020
March S&P E-mini Futures: The odds favor continuation down to 3168 or so. But higher prices are likely during the coming months. The Lindsay basic advance which started from the December 2018 low remains intact and is likely to 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): 1.60% is support. This yield up swing 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 is trying to recover support at 108.00. If it succeeds then continuation up to 121 is likely. If it fails a drop to 100 will continue.
West Texas Crude Oil: Crude is on its way to 65 then 75.
Gold: Strong resistance level at 1515 has failed. A swing up to 1650 or so is underway.
Silver: Support is at 16.50. Upside target is 23.25.
Google: Next upside target is 1445. Support is now 1330.
Apple: AAPL now headed for 335.
Amazon: Support is 1720. New bull market highs are likely and we will probably see a 2300 print in a few months.
Facebook: Next upside target is 250.
Twitter: The 28 level is support and if it fails continuation down to 13 becomes likely.
Alibaba: BABA is headed for new bull market highs.
Visa: V is headed for 200.