Monday, March 09, 2020

Guesstimates on March 9, 2020

March S&P E-mini Futures:  New lows overnight for the drop from the February 22 top. Downside target is 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 now 180-85.
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: Saudis started a price war over the weekend 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 underperforming gold. I am abandoning my short term bullish outlook for silver. Downside target is 12.50.
Google: Support at 1250 has failed. Next support is 1150.
Apple: Support is 250.
Amazon: Upside target is 2300. Support is 1750.
Facebook:  Support at 175 has failed. Next support at 159.
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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