Thursday, March 26, 2020
Guesstimates on March 26, 2020
June S&P E-mini Futures: The 2490 resistance failed for a couple of hours yesterday but the ES closed well below that level. There is support at 2350 and a drop into the 2000-2100 support zone is still an even bet. But it is equally likely that 2174 ended the drop from 3397. I think the Fed’s new QE program is very bullish long term. Bearish sentiment and volatility remain very high and this means a very important low is imminent or has already occurred.
QQQ: Support is 165.
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 downside target was nearly reached but now the market has popped back above 108 on a flight to the dollar. I am not sure what is going on with the dollar-yen other than it seems to be confined within a 101-115 trading range.
West Texas Crude Oil: Support now is 18 with resistance at 30.
Gold: It looks like an extended drop has begun, one likely to take gold back to vicinity to 1000.
Silver: Silver has reached the 12.50 downside target but will probably continue lower to 9.50.
Google: Support is 1000.
Apple: Support is 225.
Amazon: 1650 is support.
Facebook: Support is 125.
Twitter: Support at the 28 level has failed. Downside target now 13.
Alibaba: Support is 150.
Visa: Support is 125.