Friday, June 16, 2023

Guesstimates on June 16, 2023

September S&P E-mini futures:  The 4400-4500 second bull market leg target zone has been reached. Inflation is falling and the Fed is unlikely to tighten any more. I expect to see the ES trade well above 5000 over the next 12 months.

QQQ:  Next upside target at 363 has been reached. Support is 344 and next target is 380.

TNX (ten year note yield): Yields are in the early stages of a long march to higher ground. Support is at 3.40% and next upside target is 4.95%.

Euro-US Dollar: The next step up will be to 112-113. Support is 103.5

Bitcoin: Bitcoin has put in a strong rally in the face of universally bad news in crypto. This is bullish action and I think the bitcoin bear market is over. Support is 26,000. The trend over the next few months should carry bitcoin at least to 36,000 and maybe to 50,000.

West Texas Crude Oil: Support at 64 has held. Upside target now is 100.

Gold: Upside target is 2150. Support is 1920.  

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

Alibaba: Resistance is 125. Support is 45.

Amazon: Support is 100. Upside target is 125. If market passes 130 then up to 175.

Google: Upside target is 150-55. Support is 90.

Meta:  Upside target at 275 has been reached. Support now 225. Next upside target is 320.

Netflix: Next upside target at 450 has been reached. Support now is 350.

Tesla: A new bull market is underway in TSLA with upside target 350. Support now is 135.

Visa: Support is 163. Upside target is 250.


No comments: