STOCK MARKET AFTER THE RATE CUT–WHAT’S NEXT?
We did not expect a 50 bps cut and that did not allow a pullback. We have been pushing upper targets of at least 5860 on S & P cash since last Sunday for the long-term focus and that could extend to 6000. Many markets are harder to chase up here and we expect the rally to stall by Tuesday or Wednesday of next week but will it be at cash 5800 by then?
The breakout on NQ now gives a futures projection go about 20750 at least and we can feel better about some of the Metacap extended targets. Its just a matter of finding entries.
Meta is projecting 573 before a pullbacks to 513 and then our old target of 605-613 will come in. We are looking for a pullback into early October. TSLA could get to 245 and then pullback to 221 for a buy. MSFT at best might get to 466 and then pullback to 421. AMZN project 194 and then a pullback. Given where they are, you can see some upward potential for a few more days if you want to play.
NVDA is not far from 122 target.
We have a handle on the bigger picture also. Get our daily service and try it for a month to keep on top of these fast moving markets.
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