Quite a morning and quite a week, eh, folks? I just wanted to make mention of a couple of charts, since I’m all out of buying power and have a moment to breath. It’s a pretty good day so far, although I am finding this current bounce-back more than a little annoying. Where’s my freakin’ swoon?
First off, I’m not really going to consider this autumn weakness to be complete until SMH reaches its target OR it (God forbid) violates my resistance level of 147.82.
It’s also interesting to note that Tesla peaked yesterday with a spinning top (or doji, if you prefer) in the midst of that powerful trio of Fibonaccis. Break that blue trendline, and I’d say an entire new downleg has commenced, not just with Tesla (and Cathie Wood) but the market in general.
