Wednesday, December 06, 2023

Guesstimates on December 6, 2023

December S&P E-mini futures:  Inflation is coming down and the Fed is unlikely to tighten any more. I expect to see the ES trade well above 5000 over the next 8 months.

QQQ: Upside target is 405. Support is 380.

TNX (ten year note yield): Long standing upside target at 4.95% was reached. Support is 4.20% while next upside target is 5.40%

Euro-US Dollar: The Euro is likely to drop to support at 100. Meantime resistance is 112.

Bitcoin: The 36,000 target has been left behind and is now support. Next stop 50,000.

West Texas Crude Oil: It looks like support at 77 has failed. This makes the downside target 62.

Gold:  The 2150 upside target was reached and gold then dropped below support at 2070. Next support is 1980-2000. I suspect that the long bull market in gold is over.

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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