The shift from bullish to bearish since January 26th has been delightfully insidious. Today’s market action (that is, Monday the 2nd of April) created some more progress for the bears, although the breaks of February 9th lows were not across the board. Indeed, looking at some of the big indexes, you can see that we’re getting to the point of “challenging” those important lows, but not yet piercing them:
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The following monthly chart of the S&P 500 Index (SPX) simply shows the monthly closes from its inception.
January’s (2018) close of 2823.81 nearly tagged its long-term 140% trend-based Fibonacci extension level of 2836.
As of 2:03 pm ET today (Monday), its price is currently below its 1.27% Fibonacci extension level of 2625.
Failure to recapture and hold 2625 could see price eventually decline further to 2220 (its 1% Fib extension level), or lower to around 2100, due to a lack of major price consolidation support below its current price until then. (more…)
March was Tesla’s (TSLA) worst-performing month since its IPO in June 2010, as shown on the following monthly chart. It may not be its last.
The March candle closed just above a medium-term 50% Fibonacci retracement level and below a long-term -50% Andrew’s Pitchfork channel line.
We may see price decline further to the bottom of the pitchfork where it converges with the 60% Fib level at 236.00. Inasmuch as the momentum indicator has made an all-time swing low and is diverging with the overall price uptrend, it is hinting that further weakness lies ahead. Alternatively, major resistance sits at 300.00 (confluence of 20-month VWMA and 40% Fib level).
A break and hold below 236.00 would not bode well for this stock. (more…)