Friday, February 21, 2020

Guesstimates on February 21, 2020

March S&P E-mini Futures:  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: The long standing 230-40 target has been reached. So far there is no sign of a top. Next upside target is 250.
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 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: A swing up to 1650 or so is underway. Support is 1530.
Silver: Support is at 16.50. Upside target is 23.25.
Google: Next upside target is 1550. Support is now 1375.
Apple: AAPL now headed for 335.
Amazon: Upside target is 2300.
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.
Visa: Support is 200, upside target is 216.

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