 Hey everyone, this is Dan with another episode of my weekend analysis. Since the beginning of the year, SPY has been down 6% and QQQ is down 13%. SPY was down as much as 13% in the middle of March and QQQ was down 20% at that point. The market then rebounded a little in the last couple of weeks, but it started to drop again in the last couple of days. Will the market continue to recover, or will the market go down again? In this video, I will explain what has been driving the market so that we can understand where the market might go next. I will also look at the charts for SPY, QQQ, BEYONDTECH, Moderna, ASML, AMD, NVIDIA, and Qualcomm. Let's get into the details. This is the chart showing the movement of SPY, Dow Jones, and QQQ in the last 6 months. As you can see, SPY went up just a little bit by 2.9% Dow Jones was up only by 0.6% and QQQ, primarily the tech stocks have been down actually 2.58%. If you look at year-to-day, that's a little bit more than 3 months. The picture is even more bearish, Dow Jones has been down 5%, SPY down 6% and QQQ down 13%. Will the market continue to head down or will it go up? For us to understand where the market might go, we need to understand a few big picture issues. First and foremost is what's happening with the Federal Reserve Bank. As of March 17, the Fed announced that it would increase the Fed funds rate by 0.25% and they expected to have 6 more rate hikes for the rest of 2022. If you look at the Treasury rates in the last 30 days, here I'm showing the Treasury rates for 1 month, 2 months, 3 months all the way up to 30 years. As you can see, the rates have been going up and actually the Fed started to talk about rate hikes as early as November of last year and they finally put a trigger on March 17. As you can see, the market has been anticipating the rate hike in the last month and since there will be 6 more rate hikes for the rest of the year, I believe these lines will continue to head up for the rest of the year. If you look at specifically the numbers behind these rates, here's a very alarming situation. You can see that, for example, as of April 8, the 3-year rate is 2.73, 10-year rate is 2.72. That means the shorter-term rate is actually higher than the longer-term rate. We see the same situation, even more of a discrepancy on April 5 between 2.69 and 2.54. That's called the U-curve inversion. For a lot of people, that's a leading indicator of a recession. But historically, when we have U-curve inversion like this, a recession might not start until 6 months to 2 years later. So even though it's a leading indicator, it's kind of a weak indicator at this point. Nevertheless, we need to be aware of it in case the situation gets worse. So that's a bearish signal to some extent. If you like what you've seen so far, click the like, subscribe and notification button because that will encourage me to make more videos like this in the future and it will also allow you to receive notifications when I publish my next video. Oh, by the way, the video I published on April 8, just a couple days ago, got into a lot more details about the Fed rate hikes. And also, I mentioned this ETF TMV, which I believe is a good investment because the value of TMV will go up as long as the 20-year rate will continue to go up. And actually, I bought a substantial amount of TMV already. So if you're interested, you might want to refer to this video in my YouTube channel. The other thing the Fed is doing is that they are starting to reduce their total asset purchase. This chart published by the Fed is showing that the Fed has increased their total asset to the tune of $120 billion a month, pretty much since June of 2020. As you can see, this line, the total asset, has been go up at a pretty steady rate, month to month. But most recently, it has flattened out. And pretty soon, according to the latest FOMC meeting minutes, it will start to come down. And that will certainly cause the market to go bearish. At this point, we need to look at the mission and the strategic goals of the Fed. And this is directly from the website of the Federal Reserve Board. It says the mission for the Fed is to foster stability, integrity, and efficiency of the nation's monetary, financial, and payment system. And then for strategic goals, they listed six main strategic goals. The very first one has to do with maximize employment and maintain stable prices. That means these two indicators are the primary concerns of the Fed. Then as related to the market, there's an indirect reference to the market because the second goal says the Fed is responsible for maintaining a stable financial market. But then it depends on what they define to be stable. Now the market is down pretty much S&P 7% or 6%. That's certainly considered still within the range of being stable. But if the market is down 10%, 15%, would it still be considered stable? How about 20% or 30%? I will talk about that in the next few minutes. Stay tuned. Let's look at inflation because one of the primary strategic goals of the Fed, as we saw previously in the last page, is to maintain stable prices. That's why the Fed is very much focused on having low or acceptable rate of inflation as measured by CPI. For the last 10, 20 years, CPI has been pretty low, less than 2% to 3%. But in the last 2, 3 months, it has jumped up quite a bit. Now it's around 8%. If you look back in history, the last time when it was as high as 8%, it was 1982. That's many, many years ago. And that's why the Fed wants to now raise interest rate and reduce the total asset in order to bring down the inflation rate. In the meanwhile, because one of the main strategic goals of the Fed is to promote stable employment, that's why the Fed is also very occupied with the unemployment rate. From this chart, you can see that the current unemployment rate is at 3.6%, very low. That also is an indication that the economy has been pretty robust. The 3.6% unemployment rate is the lowest rate in 50 years. Because the unemployment rate is low, that gives the Fed even more reason to raise interest rate, which will have the effect of dampening the market. It will cause the market to go down a little bit, hopefully not too much. And which will in turn slow up the economy and cause the unemployment rate to increase. But since we are starting with the base of such a low unemployment rate, that means the Fed will have a lot of room to raise interest rate without worrying about causing the economy to crash and causing high level unemployment. And that's the reason why I believe the Fed will be very aggressive in the next few months with rate hikes and also with asset reduction. When the Fed reduces asset, it will be reducing the amount of money supply in the market, which will in turn cause the stock market to go down. I published a video on January 30th talking about a potential market crash or at least a market correction caused by these actions from the Fed, particularly interest rate hikes and asset reduction, otherwise known as QE tapering. I actually went back to the period of 1978 to 1984 when we also had 8% inflation rate above and I analyzed step by step how the Fed tried to balance the CPI, the unemployment rate, and by changing the Fed funds rate. And how did all the changes affect the market as reflected by the S&P 500 index. And I found that back then the S&P 500 went down as much as 21% before the Fed was able to bring the inflation under control. So the same scenario might happen again in the next few months. As you remember, S&P is down 7% yesterday. Are we going to have for a 21% drop of worse? I think there's a possibility and we need to be prepared for it in case it happens. And we need to be aware of what indicators to look at so we don't sustain the damages if that happens again. We can sell early or even go short on a market to actually profit from such a market drop if it is going to happen. Another thing that's driving the market is the unfortunate Russian invasion of Ukraine. We started on February 24th and it's still happening now. And that's indeed quite a tragedy for a lot of the people in Ukraine. Let's hope that this war will be ending soon. But as long as the war is happening, it's driving up the oil price, natural gas price, as well as the price for grains. And that definitely has a very profound impact on the market. Actually, it's causing the market to be bearish in the last month or so. One little bit of bright news which tend to have a bullish influence on the market is that the daily COVID cases, new cases, have been going down and same with the daily death related to COVID. There's, however, an exception that's in China. China recently has an outbreak of the Omicron variant, even though they only found a few thousand new cases a day and that's pretty low by American standard or by European standard. But to China, which had almost zero case for several months, that was unacceptable. And that's why they wanted to lock down Shanghai and quite a few major cities to stop the spread of the virus. Because of the shutdown in Shanghai, which already lasted for 12 days, transportation and shipping activities in the port of Shanghai have been delayed. With the Shanghai lockdown, it will or it has already caused further delay to the supply chain. As you know, China supplied a lot of industrial products to the US and to the Europe and the rest of the world. If China is going to continue to have this type of lockdowns, definitely the supply chain issues will be aggravated, which will cause inflation to go up even more in the United States and in the rest of the world. And that's a bearish driver for the market. On November 28th, when I posted this video, the market was very bullish at the time. But I said the market is not going to be going up and up forever. The question is, when will the market become bearish and what are the indicators that we should look at? I listed a few possibilities that will cause the market to go down, including any new COVID variants that are damaging, continual high inflation rate, and so on and so forth. Out of the six points that I listed, three of them came to reality. We now do have very high inflation rate at 8%. Back in November, it was only about 6%, 7%. And then continue to go up. And that's why not the Fed is under a lot of pressure to increase interest rate in order to contain the inflation rate. And the Fed tapering indeed started to happen. Back in November, the Fed was talking about reducing asset buying from $120 billion a month to $105 billion a month. But now the rate of asset increases at about $30 to $20 billion a month. It will soon go to zero and then it will become negative. That means the Fed will actually be reducing assets. That means they will be reducing the amount of money supply in the market, which definitely is going to be a bearish driver. In November, the Fed was talking about increasing the Fed funds rate and finally they put a trigger on March 17. So these three concerns came to fruition and that's why the market has been heading down since the beginning of the year. So if you look at the market reality now, we have, first of all, these three concerns that are listed. Back in November, in addition, we have the Ukraine war, which has driven up the oil price, gas price and grain prices. And then we have the China COVID lockdown, which is affecting our supply chain. These are the main reasons why the market has been going down since the beginning of the year. How will the market recover? First of all, first quarter earnings are being announced by the various companies in the next few weeks. If we have very positive Q1 earnings, that will certainly help the market recover. But the more important thing is what they are predicting for the second quarter. Because the second quarter is during the time when we will see the impact of the Ukraine war and the various new issues. So if the second quarter projections from most companies are bullish, that will certainly help create a market rebound. The end of Ukraine war will help the market recover and the end of COVID lockdown in China will help the supply chain recover. If the inflation in the next few months can fall to 3-4% range, then the Fed will no longer be under the pressure to continue to raise interest rate. And then if the Fed finally ends QE tapering, that will stabilize the money supply in the market, which will then stabilize the stock market. I will be watching the indicators for these issues because that will allow me to decide what stocks or ETFs to buy or sell. And I will share my analysis with you in the next few months as I post more videos. In the meanwhile, let's look at the different sectors, how they perform in the last month and also in the last week. If you look at these two tables, which ranked the various sectors, by the highest return, which is on top, to the lowest return, which is on the bottom. As you can see, the healthcare sector actually ranked as number one for the last week and for the last month. The healthcare sector has been doing well. So that would be a good investment even if the market is continue going to be bearish because people still have to go to the hospital and they need medical care. And also in the meanwhile, because COVID is fading, the healthcare costs related to COVID are reducing, which will help improve the profit margins of the healthcare carriers. And then next to that, consumer stable sector seems to be doing well. Then the utility sector has been performing pretty well also. And therefore, in the next few weeks, I will be tracking stocks and ETFs related to these three sectors. And I will post more videos about these three sectors. Stay tuned. So what will be my strategies considering what's been happening in the last two, three months? First of all, I continue to hold shares of stocks with strong fundamentals because these stocks belong to a very strong company with good cash flow. They're not going to go bankrupt if you have a recession. I'm holding them for the long term. And besides, these companies include Google, ASML, AMD, Taiwan Semiconductor and Qualcomm. And I've been swing trading some of my other shares. And I just sell off some of the shares as the market was going down because I wanted to be able to buy them back at a lower price. For swing trading, I would sell a stock when it loses support at key levels or pulls back from a resistance level or when an adverse news develop about a company behind a stock. Or I will buy a stock when the price bounces up from a key support level when it breaks above a key resistance level when positive news develops about a company. And I'll be definitely watching the broad market and monitoring the news events. And I've been buying a few ETFs that have been going up due to recent events, such as SQQQ, UCO, the oil ETF, UNG, natural gas ETF, XLE, energy sector ETF and TMV, the ETF that's pegged to the 20 year treasury rate. A couple of days ago, I published this video and did a deep dive analysis of the Fed rate hikes and how TMV has been moving up as the interest rates increase. I believe TMV will be a very good investment for the next few months. I will continue to update my Twitter subscribers almost on a daily basis about some of my trades and about some important current events. At this point, I'd like to suggest for you to subscribe to my Twitter account in addition to subscribing to my YouTube channel. For example, on February 1st, I said I sold some of my ASML shares. I sold at 667 and today it's 610. So in retrospect, I avoided 10% loss of my shares and I do intend to buy them back at lower prices. On February 18, I said I bought SQQQ shares and since then I've been selling and buying SQQQ. Then on March 17, I tweeted that I bought TMV shares and those shares are up 12% already. On March 30th, I bought XLE shares and those shares have gone up as well. If you like what you're seeing, I'd like to remind you to click the like, subscribe and notification button. As usual, I will welcome your comments, questions and suggestions. Let's look at the individual charts for the different ETFs or stocks. First, let's look at SPY, which is back to the S&P 500. I will be using the charts from the Think or Swim software published by TD Ameritrade. In each of the charts, I will be plotting some special lines. The blue dash line will be the 50 period exponential moving average, the EMA and the yellow dash line will be the 100 EMA and the purple dash line will be the 150 EMA and the red dash line will be the 200 EMA. I'm showing three panels here. The left one is SPY hourly chart. The middle one is daily chart and the right hand side is a weekly chart. And then this here, the candlestick chart is the actual price of SPY. I also show the Bollinger Band as well as the 50 EMA, which is the blue line and then the 100 EMA, the yellow line and then the 150 EMA, the purple dash line and the 200 EMA, the red dash line. So if you look at the daily chart first, SPY reached the peak on January 4th and then it went down quite significantly, then it started to recover on March 11th or so. Then it reached a short-term peak around March 29th and started to come down again. If you look at the latest price points, as of last Friday, it closed at 447, which is a little bit above the 20-day simple moving average the middle of the Bollinger Band. And that's why the 20-day simple moving average will be a very important support or resistance point. And if you look at the other support point, that'll be at 446, which is the 50-day exponential moving average. And then if you go down from there, the next support point will be at 439, 440 or so, the 200-day exponential moving average. For resistance levels, the next level up will be at the previous peak of 457, which is right here. So that'll be a very important resistance point. And also the next level up will be 461 right around here. The factors that will be driving down SPY will of course be the Ukraine wall, the Fed rate hikes, and QE tapering. The positive factors that will cause SPY to go up will be if there are any positive, very positive first quarter earnings from major corporations, and also if they have any very positive second quarter projections, those will boost the market and cause SPY to go up. Let's look at QQQ. For QQQ, it's very similar to SPY. It peaked actually earlier in November, around November 22nd, then it started to come down and it bounced up, starting around March 15th, and then it hit a short-term peak around March 29th, and came down just like SPY. So if you zoom in, you can see that the closing price for Friday was below the 20-day simple-moving average in the middle of the Boling band, and that was a major support point. You can see here in the last two days before Friday, the middle of the Boling band was supporting the price, but it breached that support level and went below it, and that's a very bearish sign, and that's why on Friday, I bought SQQQ about an hour before market closing. That's because of the bearishness of the chart, and also because of the current events with the Ukraine war and consecutive rate hikes that would happen pretty soon in the next few months. For major support point, the next level of support will be 328, which is the lower Boling band, and then also 329, right around here, as well as 324, which will be this line, and then the next level support will be 318, and that's going to be a very, very important support point because if we go below that, that's going to be making a very significant lower low, and that's definitely going to be a very bearish sign. Let's hope the market doesn't go there anytime soon. For resistance level, the next level up where we will see some resistance will be certainly now the 20-day simple-moving average. It was a support level, but it will turn to a resistance level, so the price has overcome that very strong resistance level. Then the next level of resistance will be 354, and then the next level up will be the 200-day exponential-moving average, the red dashed line here, and then the next level up will be 100-day exponential-moving average, the yellow line here at 360, and then the next level of resistance will be 369, this historical point. Similar to the SPY, the bearish drivers for QQQ will continue to be the Ukraine war and fat-rate hikes as well as QV tapering. Anything that will boost QQQ will be positive earnings from the major corporations and positive second quarter projections. Let's look at BeyondTag, BNTX. The last time I published a video on BeyondTag was January 15, 2022. At the time, my target was that the price would reach $240 by the end of March, 2022. Because of what's been happening to the market recently, I will have to reset my time horizon to say it'll reach 250 one year later by March 31, 2023. BeyondTag is still a very strong company fundamentally, but then if the water level of the entire ocean is dropping, then all boats will drop, and that's why it's going to be taking longer for BeyondTag to reach my price target. And I will revise my target if the situation changes in the near future. For BeyondTag, if you look at the daily chart, it peaked in August of 2021 as being pretty much coming down very dramatically since then. And the main reason is because of the fading of the COVID pandemic. It reached a bottom here on March 8th and started to recover, and the recovery corresponding to the approval of the booster shots for the second booster shot, which will be the fourth shot for certain age groups in the U.S. and in Europe. But then it hit a short-term peak on April 4th and started to come down, but in the last couple of days, it seems to start to have a little rebound. It's getting support from the middle of the Bollinger Band. So if you look at support level, definitely the middle of the Bollinger Band, 20 days, simple moving average, and that's being a good support level. The next level support would be the lower Bollinger Band at 150. And then beyond that, the next level support would be around 135, which is this historical point around here. And then the next level support would be at 124, which would be right around here. And then the next level support would be 121. If you get below 121, that will be a very, very sign because then it will be making a lower low. And that means the price will continue to go down even more. Let's hope that doesn't happen. For resistant level, the next level of resistance will be at the 50 EMA of 171, which is the green dashed line here. And then the next level up will be the 186 level, which is this historical level around 186. The next level of resistance will be 196. And we'll have to go a little bit further back in time around here. So we're looking at a gap closure here. When we get to this point, we'll experience pretty steep resistance. And then the next level up will be 218 at this historical point. The negative influence on beyond tech is the fading of the COVID pandemic. It's good for humanity, but bad for the price of beyond tech, unfortunately, if you have been holding beyond tech shares. Any positive influence for the stock price will be the approval and the use of the second booster shot in the US, EU, UK, and the rest of the world. And also any progress they will be making with regard to the product development pipeline for new vaccines and treatments for various diseases. BioNTech does have quite a few products in the pipeline at this point. For me to be buying more beyond tech shares, I want to look for higher highs and higher lows. And looking from March 7, we do have higher highs here and higher lows if you compare this point to this point. So I'm still being very cautious. Actually, at this point, it might just have a rebound because if you look at here, the RSI indicator is definitely not overboard. It's pretty much in the middle with a value around 50. DMI on a daily basis has been positive bullish and MACD was bullish. Now it's just converging to a neutral point. But if you look at the weekly chart, it's definitely still bearish if you look at DMI and MACD, although both of them are on the verge of turning bullish. And hourly chart, certainly it looks pretty good for the last couple of days. So maybe there will be a buying opportunity for BioNTech soon. Let's look at Moderna. My previous target was that the price would be at $240, but in March 2022, just like BioNTech, I have delayed the timeline for reaching the target by one year. Moderna, the chart looks very similar to the chart for BioNTech. It's been coming down since April 4th, April 5th, and then it hit a bottom here and started to rebound on March 8th. It rebounded a little bit and then started to come down and it's been recovering a little bit, although the recovery instead of looking like BioNTech, which rebounded at a 20-day simple moving average, it went below that line and then started to rebound. So if you look at the next level support, we'll be at $150, which is here. And then if it goes below that, that's definitely going to be a very bearish sign. Then we have to go all the way back to here at around $135, which would be another support point. And then the next level support would be at $128, which is here. From the positive side, if the price does go up, then we can see the next level of resistance at the middle of the Bollinger Band, 20-day simple moving average, and then the next level support will be $180 right here, and then the next level support, $187 right here. Similar to BioNTech, the fading away of the COVID pandemic is actually hurting the stock price. It's good for humanity, but bad for the stock, as for any factors that will drive up the stock price, it includes approval of the booster shots in more countries and also the use of booster shots in more countries. Just like BioNTech, I really want to wait for a clear sign of the stock price making higher highs and higher lows before I go in and buy more shares. Let's look at ASML. The last time I posted a video on ASML was November 3rd, 2021. At the time, my target was that it would be 910 by the end of February, 2022. Again, because of the bearish market recently, I'm delaying the timeframe by one year. So I'm saying that it'll reach a target by the end of February, 2023, but ASML is basically a very strong company fundamentally. I'm still holding some ASML shares for the long term. ASML, if you look at the daily chart, it reached a peak on September 14th and it's been ping-ponging up and down but generally trending down. Generally speaking, the semiconductor stocks have been going down since around August, September of last year because of the fear of interest rate increases. It rebounded a little bit after March 8th and then reached a short-term peak on March 29th and started to come down and down. So far, if you look at the shape of the curve, it's still very bullish. I don't see any sign of recovery yet. The next level of support will be the lower bowling demand at about 590. And then if it goes below that, the next level of support will be around 578 and then 574 and then this point will be 559. If it goes below this intraday bottom of 559, that'll be a very bearish sign and definitely that would not be a time to get more shares. For the next level of resistance, if the price does go up, the next level of resistance will be around 628 right here, this historical level and then the next level up will be around 640 at this line and the next level of resistance will be 653 around here, 60 and then next level of resistance will be the middle of the bowling demand at around 660 and then the next level up will be 680. Recently, the semiconductor industry turned even more bearish because of the potential of a neon shortage due to the Ukraine war and of course because of supply chain issues. Any factors that will be driving up the price of ASML will be the continued buildup of semiconductor manufacturing capabilities for the semiconductor industry and also because of the very aggressive stock buyback program by ASML. ASML is a very strong company if you look at their fundamentals and also if you look at their very strong cash flow, they have the monopoly on the EUV lithography market and that's why I'm still holding quite a lot of ASML shares for the long term. I will have confidence that ASML will eventually recover. The big question is when will be a good time to buy more shares? And looking at the chart, I'm not going to be buying more shares now until I can see definitive pattern of the stock price making higher highs and high lows. At this point, I don't see that yet. Let's look at AMD. The last time I posted an AMD video was February 9th, 2022 and at the time my target was that it was going to reach $160 a share by the end of June, 2022. Again, I'm delaying the time horizon by one year so I'm saying that it'll be at or above $160 by the end of June, 2023. Again, AMD is a very strong company that's generating a lot of cash flow and it will eventually recover and that's why I'm still holding some AMD shares. For AMD on a daily chart, you can see that it reached a peak on November 30th and it pretty much has been coming down and then it made a quadruple bottom here right around 101. So if the price can be supported at 101, maybe it'll have a nice, at least short-term recovery. At this point, it's been going sideways pretty much. Well, you see a little bit of a triangular pattern here that tend to be going a little bit bearish but 101 is definitely a very strong support point although it went a little bit below that as of last Friday. So if you look at support levels, the next level support will be at just about 99 to 100. If that's breached, that will be a bearish sign because with the quadruple bottom, if it's breached, the stock price will most likely go down another 5, 10%. So if it goes down more from there, then we'll have to go all the way back to November of last year to see any support level and which will be at around 89 actually here. So we'll be going all the way back to July of last year to see any support point. And then if you go further down from there, the next level support will be around 85 and that will be definitely very bearish of AMD. AMD recently was downgraded by Barclays. Barclays lowered the target price from 148 to 115 and that's what's been the primary factor for driving the bearishness of AMD. The good news is that I don't see a lot of downgrades from other analysts. In my opinion, AMD is still a very strong company. I still hold AMD shares and I will be holding the shares for the long term. I think the shares will eventually recover. They have a strong product line and recently they acquired this company by the name of Pensano, which will help them increase their competitiveness in the data center segment. At this point, I'm not going to buy more AMD shares until I see a rebound from here. And actually in the next two, three days, if it starts to rebound from here and if it starts making higher highs, then that'll be a very positive sign. So at this point, I'm hoping that AMD is oversold. If you look at RSI, it's certainly oversold. It's at 37, but if you look at the daily DMI line, it's saying it's bearish. The MACD indicator is also bearish. So let's hope it'll overcome this quadruple bottom and start recovering. It's a good company. Let's look at NVIDIA. The last time I posted a video on NVIDIA was February 9th, 2022. My target at the time was $310 a share by the end of June, 2022. And my new target is going to be $310 by the end of June, 2023 because of the bearishness of the market and because of the expected rate hikes from the Fed as well as QE tapering. Again, NVIDIA is a very strong company. Fundamentally, it will eventually recover. NVIDIA, similar to the other semiconductor stocks, it peaked back in November, then it's been coming down and also it's been getting support around 209. It's critical that NVIDIA stays above that level. Then it stays a rebound starting in the middle of March. Hit a short-term peak on March 25th and it's been coming down pretty rapidly. If you look at potential support levels, the next level support will be at 219 at this level. And then the next level support will be 213. And then next level support will be 207. If 207 is breached, definitely that'll be a very bearish sign. Next level of resistance will be at 242 right here. See this cluster of daily close around 242. That'll be a strong resistance point. And then next level up will be 259, the middle of the Bollinger Band. Next level up will be 264. And the next level of resistance will be around 283 right here. Again, like any other semiconductor stocks, NVIDIA has been coming down recently because of the interest rate hikes concerns and because of the fear about potential neon shortage due to the Ukraine war. Most recently also Intel has been producing dedicated GPU graphic processors, which will be in direct competition with NVIDIA. As you might know already NVIDIA is a leader in the graphic processor segment of the market. Those are the bearish factors driving down the price of NVIDIA, but NVIDIA is still a very strong company fundamentally with very strong cash flow. So I have confidence that NVIDIA will definitely stage a recovery sooner or later. But this is definitely not a time to buy yet because of the bearishness of the price movement in the last couple of weeks. I will want to see higher highs and especially if the price start to rebound around 210. I might buy shares and swing trade with them for the short term. Let's look at Qualcomm. The last time I posted a video on Qualcomm was November 18, 2021. At the time my target was $240 by the end of January, 2022. Just like the other stocks, I'm delaying the timeline by one year. Again, Qualcomm is a very strong company fundamentally. I still hold some Qualcomm shares because I believe it'll recover eventually. For Qualcomm, it peaked in January and then it's been coming down. The most recent short-term peak was March 28th and it has gone below several support points up until now. So if it's going to go further down, the next level of support will be drawing reference way back from around October of last year. That'll be at around 130 at this point. And then the next level support will be around 126 and then the next level support will be 122, 123. Definitely Qualcomm has not been doing well lately. And if you look at the price movement in the last few days, it's definitely very bearish. Not a good time to buy into Qualcomm yet. But Qualcomm generally speaking is a very strong company with strong cash flow and that's why I believe it'll be able to survive any downturn in the next few months. I still hold some Qualcomm shares for the long term. If the price is going to rebound, the next level of resistance will be at 143 at this level and then 150, which is the middle of the Bollinger Band. And then the next level up will be 153 at this level and then the next level up will be 158 at this level. Most recently, there was a pretty significant downgrade that was issued by JP Morgan. They downgraded on April 5th and lowered their target from 205 to 240 although they maintain their overweight rating for the stock. Nevertheless, it's a bearish influence on the stock price. For the long term, because Qualcomm makes very competitive cell phone processors, I believe the company will be able to weather the storm in the near future. As I mentioned, I still hold Qualcomm shares and when I start seeing Qualcomm making higher highs, then I will most likely buy more shares. I'd like to remind you that I'm not a financial advisor. I share my stock analysis and trading strategies for entertainment and educational purposes only. If you want to buy or sell stocks, you should make your own decisions and you should definitely consult with your financial advisors before you do so. This wraps up my video for now. I will chat with you again in the next few days. In the meanwhile, I'd like to wish you the very best of luck with your financial investments.