5/2/2018 Markets sell off despite Feds not raising interest rates. It’s not a good sign for the bulls when the market moves down on “good news.”

Fun Fact #40

Did you know that France cut Cryptocurrency taxes by 50% a couple days ago? 


 

Market Stocks 5_2_2018.PNG

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. 

AAPL 5_2_2018.PNG

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. 

FB analysis 5_2_2018.PNG

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

QQQ 5_2_2018.PNG

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. 

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