Guesstimates on May 15, 2024


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June S&P E-mini futures:  Inflation is coming down and the Fed is unlikely to tighten any
more. My long-standing 5400 target was nearly reached but may well prove too
conservative. In the meantime the ES has dropped to 4963 but that low probably
ended the drop from 5333.

QQQ: Support is 420. Upside target is 450.

TNX (ten year note yield): The 3.75% level is support. A swing up to 5.50% is underway.

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

Bitcoin: Support is at 56,000. Next upside target is 81,000.

West Texas Crude Oil: Upside target is 90. Support is 72.

Gold: Next upside target is 2500. Support is 2250.

Apple: Next upside target past 200 is 250. Support is 165.

Amazon: Upside target at 175 has been reached. Support now is 145 and next upside
target is 205. 

Google: Upside target at 150-55 has been reached. Support is now 125.

Microsoft: Support is 375 and the next upside target is 500.

Meta:  Upside target at 530 has been reached. Support now is now 395.

Netflix: Upside target is 710. Support now is 450.

Nvidia: Resistance is 1050. Support is now 710.

Tesla: Downside target at 144-150 has been reached. Resistance above the market
is 200.

Visa: Upside target at 285 has been reached. Support now is 250.

 

 

 



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