Tuesday, May 24, 2022

Guesstimates on May 24, 2022

June S&P E-mini Futures:  Sentiment is very bearish. This is good reason for thinking the drop from 4800 ended at 3808. In any case, once a low is established the subsequent up swing will carry the ES to new historical highs.

QQQ:  Support is 284.

TNX (ten year note yield): Yields are in the early stages of a long march to higher ground. Support is at 2.00%. Odds favor a swing up to at least 3.75% during the next few months.

Euro-US Dollar: Downside target at 103.75 has been reached. Resistance is near 108.00.

Bitcoin: Support at 36,000 failed. Downside target is 19,000.

West Texas Crude Oil: Support is 93. Resistance at 108 has failed. Next upside target is 118.

Gold: Support at 1900 has failed after another failed attempt to push past 2100. The picture is looking increasingly bearish longer term. Support now is 1790.

Apple: Upside target is still 200. Support is 125.

Alibaba: BABA reached 75 support. Resistance is 125.

Amazon: Support is 2150.

Facebook:  Support is 180. Resistance is 235.

Google: Support is 2100.

Netflix: Downside target is now 160 and 275 is resistance.

Tesla: The 680-720 support zone failed so downside target is now 550.

Twitter: Resistance is in the 55-60 range. Support is 36.  

Visa: Upside target is 250. Support still 195.

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