Friday, March 13, 2020

Guesstimates on March 13, 2020

June S&P E-mini Futures:  The ES dropped to 2380 overnight but since has rallied 200 points. Bearish sentiment and volatility are both very high so there is a good chance 2380 ended this brief, 30% bear market. But a move to new bull market highs will probably have to wait for some resolution of the ongoing Corona Crisis.
QQQ: Support is now 180-85.
TNX (ten year note yield): Downside target is 0.00.
Euro-US Dollar: Resistance above the market is 115.50. The longer term picture is bearish.
Dollar-Yen: The dollar-yen has dropped back below 108 support. Downside target is 100.
West Texas Crude Oil: The Saudis started a price war which so far has dropped crude as low as 28. Support now is 25 with resistance at 37.
Gold: Next upside target is 1750. Support is 1530.
Silver: Silver is woefully under-performing gold. I am abandoning my short term bullish outlook for silver. Downside target is 12.50.
Google: Support is 1150.
Apple: Support is 250.
Amazon: 1650 is support.
Facebook:  Support is 159.
Twitter: Support at the 28 level has held so far but its failure would be very bearish.
Alibaba: Support is 185.
Visa: Support is 165.

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