GM Investors, 😊
This week, the S&P 500 teeters on the edge of a groundbreaking Monthly Close, with the potential for new All-Time Highs.
Meanwhile, Tesla (TSLA) eyes a breakthrough after a significant rally, while Intel (INTC) and Netflix (NFLX) set the stage for pivotal moves.
Dive into this week’s insights for a closer look.
Next few days will be absolutely crucial.
S&P500 is on the cusp of a historic Monthly Close.
Monthly Close above red and S&P500 would see new All Time Highs.
Tesla — TSLA
In October, we spoke about TSLA’s Macro Downtrend and how price was going to likely revisit it in an attempt to potentially showcase a weakening support at $206:
If TSLA manages to hold here as support (and maybe even downside wick into the dashed orange level but manage to secure a Monthly Close above blue), at the very best TSLA could bounce back to the Macro Downtrend for what would be a lesser rally once again, for what would be a +21% move or so:
TSLA has since rallied over +25%, in line with this prediction:
Now, TSLA is on the cusp of a potential breakout here.
The Monthly Candle is pressing beyond this Macro Downtrend.
In the past, TSLA printed upside wicks beyond this point which preceded rejection.
Which is why it is crucial for TSLA to Monthly Close above the Macro Downtrend as that would shift the psychology at this trendline and along with that shift the trend entirely.
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