Wednesday, September 30, 2020

Guesstimates on September 30, 2020


December S&P E-mini Futures:  I think the drop from 3587 ended at 3198. This is a bull market. The Fed’s QE program is very bullish long term and the Corona Crisis has passed its peak. There will be no more shutdowns. The 2174 low will hold for several years and the ES is likely to trade well above 4000 by the end of 2021.

QQQ:  Resistance is at 282 and its failure would mean that a rally to 315 and higher is underway.

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: A swing up to 125.00 is likely.

Dollar-Yen: Still confined within a 101-115 trading range.

West Texas Crude Oil: A bull market is in progress. Upside target is 44 was reached. Support is now 35. Next upside target is 50-55.

Gold: Upside target is still 2150. Support is 1850.

Silver:  Support is 21.00.

Google: Support is 1450 then 1350.

Apple: The 103 low is likely to hold. AAPL is headed for 145 and above.  

Amazon: Next upside target is 3700. Support is 2500.

Facebook:  250 has been reached but continuation down to 215 is likely.

Twitter: Upside target 75.

Alibaba: BABA should find support near 250.

Visa: Upside target is 240.

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