NVDA will decide the future trend of S&P and NASDAQ…
On Tuesday, the markets performed very well as predicted. Frontline tech stocks like NVDA, TSLA, DELL, IBM, MSFT, AAPL, and NFLX pushed the US market higher. We all know that NVDA is weighted at 5% in the S&P 500, making it a very important company. On Wednesday, the market will be closely watching NVDA's earnings, and we can surely expect a big movement in the stock following the announcement. We anticipate that NVDA's earnings will be strong, exceeding both top and bottom-line expectations, but comments from Jensen Huang will be crucial.
Last year May 2023, when NVDA was trading around $375, we predicted it would reach $975 to $1275 within the next year. Now, in May 2024, it has nearly been a year, and NVDA has tested the $975 level. We are now waiting for it to achieve the $1275 level in the near future. While it is natural for stocks to experience profit booking, we are not recommending shorting NVDA at this stage. I plan to book profits in NVDA in the first week of June or on Friday. In the worst-case scenario, NVDA will test the $881 level (this is the buying level in NVDA, we don’t see NVDA going below $811 level in pending 2024), and on the higher side it can move to $1018, and after that $1125 and $1275 levels.
For those holding NVDA and considering booking profits, you should go ahead but make sure to take call options, as NVDA is one of the most fantastic companies on Wall Street. It has the potential to become a $4 trillion market cap company. Our top picks for the medium term are MSFT and NVDA. Currently, S&P, Nasdaq, and DOW are close to our short-term higher side target, closing above our predicted important levels could create history in the short term.
Nobody on Wall Street predicted S&P and NASDAQ moving higher nonstop in the first half but we did predict this move of 2024 because of Astro-cycle theory so all thanks goes to Astro cycle/wave of nature theory. On Tuesday, precious and base metals had mixed performances, grains lost value, and energy prices struggled. Gold almost achieved our predicted short-term target of $2448, silver $32.15, and copper $515 levels. If they close above these levels for the three days then the era in metals will begin as predicted. So far buying recommendations in gold, silver, and copper have done very well for investors. Soft commodities like coffee and orange juice gained significant value on Tuesday, while cocoa and sugar also acted positively.
The thirty-year bond and cryptocurrencies gained value. This week, our view on cryptocurrencies, articularly Bitcoin, was very positive. We expected Bitcoin to test $70,000, and it did so today. Apart from NVDA, another event will be FED minutes, which will still indicate inflations remaining sticky, so no indication of any rate cut from FED minutes.
This is what we mentioned on the 26th of October 2023: The Astro combinations will turn extremely positive on Monday, the 30th of October before the USA market opens or on the 4th of November. This is great news for investors as we expect a dark cloud to get out from Jupiter, which is currently ruling on the market trends. One of the biggest Airavath (bullish) trends will start from 30 Oct or 4th Nov.
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Thanks & God Bless
Mahendra Sharma