Wednesday, February 05, 2020

Guesstimates on February 5, 2020

March S&P E-mini Futures:  The ES has rallied well above 3300 so a new up leg in the bull market is underway. Much 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: 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: Support is the 50-53 zone.
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: The 28 level is support and if it fails continuation down to 13 becomes likely.
Alibaba: BABA is headed for 245.
Visa: Support is 200, upside target is 216.

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