Well, the break of the trendline yesterday did it for Tesla. Now it’s up to the Fibonacci levels to save the stock. There are three awaiting, and so far, the highest one has managed to hold the poor thing up.
Broken Axle
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
The Path Toward 4300
In recent days, I’d give my charting a grade of “A” and my trading execution about a “C+“. I have been, on the whole, doing NOTHING with my positions (which is good), but I definitely mucked things up a bit monkeying around with those short-dated SPY and QQQ puts. Just look at this minute bar chart of the /NQ and see how the explosive move higher was absolutely blown to smithereens. I watched the puts I dumped both go up triple digits. Not a good feeling!
Static Cling
In case there was any lingering doubt about how much influence the present Fibonacci level has over the value of the S&P 500 futures.
Fibonacci Sinkage
Elon’s pledge of a cage match isn’t helping the fact that his primary asset, Tesla, is succumbing to the weight of the trio of Fib retracements. What was support is now resistance. It’s an easy tumble to about $220.
That’s So Repulsive!
It’s a good morning so far. The empty-headed bulls fell all over themselves buying this “cheap” market (actually the most overvalued in history) to crank the /ES up to PRECISELY, I say again, PRECISELY, the Fibonacci. That’s when I gobbled up IWM puts like a pig.
