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What's up Tesla family? It's Ray J back with another video and in this one I want to break down what's happening with Tesla Spy in the overall market and break down some very very important levels to watch for as time goes on and some important things that Kathy would said about the share price as she still believes Tesla will run to about $2,600 a share in the next 5 years.
So before I break this down, just know that I am not a financial planner. So take nothing I'm saying as financial advice. And also, if you guys can, please check out my mumu link. Deposit $100 and you're guaranteed five free stocks. Deposits $2,000, you're guaranteed 30 and off friends at the end of March.
Anyways, as far as Tesla's going, as you guys could tell, we're trying to make higher lows right here. And we managed to push above the 280 support. So, as long as we hold, excuse me, above that, we're favoring an attempt to push for 295 to 300. Overall, we're doing a good job. We're still in this shop zone, which is where Tesla likes to shuffle.
That's where we're currently at. But there's obviously more upside potential because despite the fact that the news is coming out that the European sales are down 47%, we just saw a small decline only to get bought back up which shows there's a lot of buyers who are still defending. Also, Tesla's outperforming the market right now, which is a good sign.
So, I think we're doing very, very well. Anyways, let's talk about what Kathy Wood just said. So, she mentioned that there is a lot of backlash against Elon Musk because of politics and the way in which the public perceives him, which is hurting Tesla to some extent and their sales. But simultaneously, she's saying that another part is the broader economy.
There's a lot of economic concerns about us entering a recession. We're seeing retail spending slowing down. That could be another reason why we're seeing this because when you look at some pieces of data, you will see that Tesla's not the only one with lots of difficulties. It's not like in the US Tesla's the only company struggling and all the other companies are doing a perfect great job.
That's not at all what's going on because when you look at some sources, we're looking at the fact that Nissan has laid off 9,000 employees in December. VW closed factories in Germany. And in the US, Ford, GM, and Stalantis did see their EV sales slow. And they spent billions of dollars diversifying away from uh you know, they had to spend billions to basically diversify away from gas-powered cars, but it's still uh there's still a lot of difficulties, right?
Nonetheless, that's the main thing. So that's what Kathy Wood's main argument has been that look yes Elon Musk is part of the reason why the sales are slowing down because of how the public perceives him because of politics and things like that. There's a lot of vandalism that's going on which is not good for Tesla.
But despite that um it's not just Tesla. We're seeing all these other companies struggling. Uh the overall economy is not in the best of places and uh we're nearing recessionary fears that are increasing so much. That's something that's at least worth noting. Now, can I promise we're going to enter a recession?
Obviously, no one could promise that. No one truly knows unless we look at our data. Um, and when I talk about a recession, I'm referring to the dictionary definition of a recession, getting two consecutive negative GDP quarters and a big spike in unemployment. We're not there yet, at least according to the data that's being presented to us, but there's still potential for it.
I think some models are showing there's about a 50% chance we enter one. So, we'll see about that. But anyways, despite these hardships, okay, this is more like a near-term catalyst that's kind of hurting Tesla for the longer term, Kathy Wood is still extremely bullish. She also mentioned in a Bloomberg with inter with in a in an interview with Bloomberg, excuse me, that she expects Tesla stock to reach $2,600 in 5 years.
That would be 10 times the price it's currently at, which is pretty insane. So, she's saying this based off the fact that Tesla should be releasing a new lowerriced model and then they're also going to be perfecting the self-driving technology. And she's also talking about how um you know with the cheaper models potentially coming and FSD it's going to be very very big.
She mentioned that this is going to help them 10x their revenue and that the software business is going to be huge for them. Her thesis relies on the notion that if on in her mind and when Tesla finally launches a self-driving vehicle, it will instantly create a fleet of robo taxis from the millions of Teslas already on the road.
And she believes that's going to help them really, really improve what they're trying to do. So once again, this is going to help them increase their revenue by 5 to 10 times. In a different interview, she said 10 times. This one, I think she's talking about five times. And then it's also going to be increasing in revenue with next to no incremental costs according to her.
So that's very very bullish and that's what she's essentially arguing. She believes that the autonomous taxi networks are going to represent the biggest AI project in the world and that Elon himself is once again going to help that. So she's very very bullish nonetheless. Her conviction is exactly the same.
She has not changed her view and she still holds a 20 $2,600 price targets in the next 5 years by 2030. But that's under the assumption that we get those full self-driving vehicles out very very soon. And that's something we have to wait and see if that ends up happening or not. We'll see about the time frames and such, but that's what she is arguing.
Anyways, for the markets, okay, Tesla's trying to push right here. We're looking very, very nice. I want to see us break 285. Now, if we break that, we're looking for this trend line very close to the 290s will be coming if we break that. If we turn back down, you want to see us essentially lose 280.
If that fails us, we're looking for 274. Overall, with this accumulation structure and the fact that we're making higher lows, we're favoring the uppers direction for us to get back up to 290 plus. I think we're doing a fantastic job so far. Tesla still looks bullish despite some bad news that came out.
Kathy Wood's optimism and a lot of buyers who are stepping in are still helping the share price. This is going to likely try to continue to get close to 290. Overall, let's see if 285 breaks for confirmation, but we're doing a good job. For SPY, we're not looking as great. We're kind of stuck right now.
Like I said before, we were expecting this to kind of chop around a bit. Now, if we can't break 575, there's going to be a risk of us returning to like 572, if not 570, before it tries to bounce again. We have to break and hold 575 for the next leg up for 580. We tried to do that today and then we just kind of consolidated.
So, we haven't been able to do that so far. So, we'll see how it goes. And if we get a rejection, I would warn everyone to just be very very careful, especially when we look at this price action. Okay, so for now, we're in a consolidation phase. We're struggling to break about above 575 on SPY. If it doesn't break, we could see a little bit of a turn down before it tries to bounce.
It's still possible we kind of dip and bounce for now, but we'll have to see about that just to be safe. So, be careful with SPY, guys. It's very it's in a very, very tough resistance area. The QQQ is showing a little bit more resilience, but the issue is that we're at a tough resistance up here around 492.
We tried to break out of the 492 is to push for 495. We came close, but then we slowed down. So now we're just consolidating. If we don't break that resistance, we could turn back down to 488. For the Russell 2000, we're in the middle. We're trying to make higher lows right here. It's looking good with this inverse shoulders, but we'll see if we end up retesting 206 and then this trend line around 205.
If we bounce like that, if we lose 205, we could turn back down. So, we'll see how it goes. So watch that very closely for ES. We're at 5,800. We got to hold that. If not, we could be returning to 5774. So we're barely holding 5,800. If that if we break through 5850, we could remain a lot more bullish.
We're just consolidating right now. So we'll have to give it time to see if we hold that or not. For NQ, we pushed to 20,400. We need to get back over 20,500. If not, we could be retesting 20,200. So keep that in mind. We're not looking that great. So, please be very careful. For Bitcoin, we're making higher lows and higher highs.
We could be looking for an attempt for 88,000, eventually 90,000. So, I think we're doing well. Um, for Nvidia, we're doing quite good as well. If we hold above 120, we're looking for an attempt for 124. If we lose 118, we could turn back down, but as long as we're above 120, we're looking for some more upside.
For Netflix, sorry, not Netflix, Tesla. Excuse me, guys. Tesla's looking pretty good. Um, looking at Netflix, I want to go over here. 1,00 is going to be our target before we see anything else. So, that's looking pretty good. I think it pushes to 1,000. We'll see how it reacts there. Tesla's also showing strength just like Netflix.
We're looking for an attempt for the 290s. 295 is a potential target if we hold above 285. For Apple, we look bullish. We're looking for 226 as our target. So far, so good. Coinbase is in the middle. If we don't hold 200, we could be dipping into 196 and eventually back down to fill this gap around 190.
If we break past 205, we're looking for an attempt to fill this gap around 211. So, we're kind of stuck in the middle. Amazon's looking bullish so long as we don't end up losing 200. We're favoring a push for this 208's target. So, we're looking pretty good. Um, Meta's in the middle. We did end up touching 635, very close to my expectation, but now we're slowing a little bit.
So, we'll see if we don't break to uh above the 200 EMA at 635. We could be dipping in for like 611 again. So, it's not uh it's not breaking out yet. It's kind of stuck. Microsoft is not able to break and hold above um 396. We're just consolidating. So, if it doesn't break out, we're looking for 390 to be retested.
The VIX is starting to base. It's showing some signs it wants to base a bit. So, this is causing the market to consolidate. We'll see if the market breaks out higher now. It's just consolidating from here. So, we'll see if we can get a pullback first before it tries to get some kind of bounce. But be careful, guys.
We haven't been able to break resistance yet. So, we're kind of stuck. However, Tesla is very strong still. So, this could be testing 285. If we break that, these imbalances could fill like close to 300. So, keep that in mind. Anyways, that's it for this one. Kathy Wood has very, very optimistic views about Tesla.
Time will tell if she's correct or not, but that's going to hinge upon whether or not Tesla could solve, you know, FSD. Can we get fully autonomous vehicles very soon? We'll see how long it takes. Thank you for listening.
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