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Yesterday I did a premium post in which I suggested Tesla (which was up BIG yesterday) would be conking its head against crucial resistance by way of a Fibonacci level.
Well, so far, so good. The fact Tesla is down at ALL is kind of a miracle in this “new lifetime highs every single day” market, and it’s good to see that even in this environment some classic setups can still actually work! My stop-loss is at 395, and I’m just going to let it ride.
Happy Good Friday, everyone. This is going to be a very light holiday weekend, content-wise, but I wanted to chime in on the only meaningful economic data point of the week, which was the monthly jobs report, released earlier this morning.
The data that came out was bullish across the board. Hourly earnings weakened, diminishing inflation concerns. Jobs growth was three times stronger than anticipated. Finally, the overall unemployment rate dipped from 4.4% to 4.3%. Three for three positive signs.
On the heels of yesterday’s historic mega-rally, it will be absolutely terrifying to push back deeply into the bear camp but judging from what I saw with my chart examination last night, that’s precisely what I plan to do.
