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Ever since my TSLA target of “just under $100” was almost hit, the stock has gained nearly 30%. As I’ve stated before, if thing sucker gets anywhere close to $160, I’ll be bearish again (and will advice certain family members to GTFO).
Bitcoin is up nearly $4,000 since its November FTX-wipeout lows, and its ascent has lifted animal spirits across all asset classes. I’d like to point out we have nailed, pretty much to the penny, the major Fibonacci Retracement level today.
To my eyes, this is incredible. Below is the long-term continuous contract of the S&P 500 futures (/ES). Take note of the Fibonacci Retracement Levels, which are anchored to the highest point in history (a year ago) and the bottom of the financial crisis.
The “call wall” at 3800 is no accident. See, there are not just one but two MAJOR Fibonacci retracement support levels almost exactly at the same price. My view is that, once we get below these (next week? first week of the year?) it’s going to be party time again for the bears. Until then, we watch and wait.
It remains remarkable to me what happened between last Tuesday and this Tuesday: an absolutely pitch-perfect traverse from one major Fibonacci to the other. That’s almost four hundred /ES points in less than a week, and in virtually a straight line. I find it comic that folks poured into the market after the based on the dunder-headed logic that lower inflation means stocks should be bought.
