First, a late-morning look at the SPY, (S&P 500’s actively-traded ETF), which shows in the intraday chart, first below, the opening pop faded. We are seeing some mild weakness as I write this, but nothing yet to get in a fuss over. To my eye, a move down below $174.15 would probably see a pick-up in selling. Otherwise, we are simply consolidating.
Quite a few hot individual stocks are moving, including CSUN NBG, among others.
However, it looks like Tesla struggled to hold back above its 20-day moving average, which was indeed our “tell” for this stock to see if the upside momentum was slowing. That does not make it an easy short, or anything remotely close to it. But you can see the 20-day (orange line) on the second chart below of the daily timeframe and how price has changed character in reacting to it.
What are you trading this morning?
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NTE
All about $8
Current longs; RDS/B, YELP, ALK, GPRE, GLW, NGD.
Good work
Yes the TSLA bulls got surprised during the first hour, now look is shock.
It looks like time to short the bounce on TSLA.
Aggressive play.