Thursday, September 28, 2023

Guesstimates on September 28, 2023

December S&P E-mini futures:  Inflation should come down until the end of the year and the Fed is unlikely to tighten any more. The drop from the July top at 4685 is pretty much over and I expect to see the ES trade well above 5000 over the next 12 months.

QQQ: Support is 350. Next upside target is 408.

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: Support at 108 has failed so the Euro is likely to drop to the next support at 100.

Bitcoin: 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: Upside target remains 100.

Gold:  Support at1920 has failed. Downside target is now 1800.

Apple: Upside target at 200 was reached. Support is now 165.

Amazon: Support is 110. Upside target is 175. 

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

Meta:  Support is 250 while next upside target is 375.

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

Nvidia: Upside target is 550. Support now is 400.

Tesla: TSLA has upside target at 350. Support now is 180.

Visa: Next upside target is 285. Support is 215.



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