The bearish sentiment for Tesla can be categorized into 3 major pillars:
-Elon distracted with being Techno-King of Twitter
-Multiples compression on looming recession in 2023
-Tax Loss harvesting into the end of the year
These sentiments have put downward pressure on Tesla price action. Currently, Tesla is oversold and should bounce due to sellers' exhaustion or...
QQQ showing bullish divergence on the weekly candles. Here are the levels to watch next.
Upside
295 - Lower high since the beginning of 2022 creates a downtrend resistance around the 290s.
Downside
255 - Low made on Monday, Oct 13th should provide some level of support
237 - Highs from 2020 pre-pandemic
FB showing signs of life.
1. Recent break of upper band in down channel;
2. Bullish Divergence on MACD and RSI indicators
3. Prior support will become resistance around $144
Short term bullish on FB (barring additional negative headlines from media and macro economics of course)
AMD broke out of recent downtrend. Short term price target on the upside is 19.50 - 20.50.
There will be major resistance from previous support of around ~ 18.50 which also coincides with 200MA shown in orange.
Similarities between 1/21/08 & 12/26/18:
-SPX dropped 19%
-200MA bounce
Potential next moves:
-Retest of 200MA (could happen more than once)
-50% retracement from recent highs. Note this took 119 days and SPX gained approx 13.3% during this time before falling much further into the bear market.
History does not always repeat itself. But similarities in...
