Guesstimates on May 3, 2022

June S&P E-mini Futures:  Yesterday’s fast rally amidst very bearish trader sentiment may well have ended the drop from the January top at 4800. A move visibly above 4225 would reinforce the bullish case. In any case the drop from 4800 is close to its end. The subsequent up swing will carry the ES to new historical highs.

QQQ:  Support is 306 and resistance is 328.

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 is 103.75

Bitcoin: Support is 3600. Upside target 69,000.

West Texas Crude Oil: Support is 93. Resistance is 108.

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 now 2350.

Facebook:  Support is 180. Resistance is 235.

Google: Support at 2400 failed. Next support is 2100.

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

Tesla: Support at 900 failed but support at 815 has held so far. A big upswing to and above 1260 is underway.

Twitter: Resistance is in the 55-60 range. Support is 42.  

Visa: Upside target is 250. Support still 195.


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