Fun Fact #40
Did you know that France cut Cryptocurrency taxes by 50% a couple days ago?
I’ve updated targets for May 25th, which is 3 weeks from this Friday. As you can see, I’m medium term bearish after today’s price action. Despite Feds not hiking rates, the market still sold off. I am still bullish on Facebook and Apple though, as I think their earnings reports were really strong and will propel them upwards.
I’ve also added an “If wrong” target, meaning if the market decides to rally (against my prediction), I expect the market to reach those targets by May 25th.
My May 25th target for Apple is the top of the trading range, which is at 183. If Apple decides to sell off with the market, I expect it to gap fill back to 169.
I think Facebook has a good chance of climbing to 185 within the next three weeks, highlighted by the upper horizontal line in the chart above. In case I’m wrong and Facebook sells off, I think it will drop to the previous support/resistance level at 168.
Lastly, let’s look at QQQ. I think there’s a better chance we hit 155 before we gap fill to 171. I do not think the bull market is over, but I think QQQ will retest 155 before moving back to the 170s.