Friday, March 06, 2020

Guesstimates on March 6, 2020

March S&P E-mini Futures:  So far 2854 has been the low but the ES failed to establish itself above 3125 I think another down leg is underway. My best guess is for a low near 2770. In any case 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.
QQQ: Support is at 200. The long standing 230-40 target was reached but I don’t think that ended the bull market.
TNX (ten year note yield): Downside target is 0.70%.
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: Support is the 50-53 zone is now resistance. Next support is 40.
Gold: Next upside target is 1750. Support is 1530.
Silver: Support is at 16.50. Silver is woefully underperforming gold. I am bringing my upside target down to 20.00.
Google: Support is 1250.
Apple: Support is now 250.
Amazon: Upside target is 2300. Support is 1750.
Facebook:  Next upside target is 250. Support is 175.
Twitter: Support at the 28 level has held and a rally to 55-60 is underway.
Alibaba: BABA is headed for 245. Support is 185.
Visa: Support is 165.

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