Monday, July 27, 2020

Guesstimates on July 27, 2020

September S&P E-mini Futures:  The ES is still likely to drop to 3180. A break much below 3180 would mean that a drop of 300 points is underway. Short term bearish thoughts aside, this is still a bull market. The March 23 low at 2174 ended the drop from 3397 – the Corona Crash. I think the Fed’s QE program is very bullish long term and that the Corona Crisis has passed its peak. The 2174 low will hold for several years.
QQQ:  Support is 235. The next upside target is 285.
TNX (ten year note yield): There is a good chance that the 0.40% level was the low yield of this nearly 40 year decline in bond yields and that yields will soon start a long march into higher ground.
Euro-US Dollar: Resistance at 115.50 has failed. A swing up to 125.00 is now likely.
Dollar-Yen: Still confined within a 101-115 trading range.
West Texas Crude Oil: A new bull market has begun. Next upside target is 44. Support now is 32.
Gold: Gold reached 1941 this morning, a new historical high. Support is now at 1800 and a drop to that level may well be the next development. But in any case a step up to 2150 still lies ahead.  
Silver: The 25.00 target was nearly reached this morning and an extension up to 27.00 is likely. Support now is at 17.50.
Google: Upside target is 1600 has nearly been reached. Next step up will be to 1750.
Apple: Next upside target is 395 has been reached. Support now is at 350 and next upside target is 450.
Amazon: Upside target at 3000 has been reached and exceeded. Next upside target is 3700. Support is 2500.
Facebook:  Upside target is 290.
Twitter: Upside target 75.
Alibaba: BABA now headed for 305.
Visa: Upside target is 240.

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