Tesla At Key Support
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After kissing it's 21 day EMA (426.10) this morning, and then erasing most of the day's gains, Tesla is now sitting at it's long-term Green line support (around 400), for the second day in a row. If we break below 400, we could see massive downside to the previous probe at 351 on Sep 24th, and the 100 day MA at 339.66, which is the next major support. With sentiment shifting negative as we approach the election, and without a deal in sight, Tesla's next big move could be to the downside.
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Nota
Losses accelerating here as we revisit the low of the day, and approach Friday's low... Dow and Small caps now down over 3%, Vix up 21%...Nota
Stimulus prospects going from 'hope' to 'nope', and a resurgence in Covid-19 cases across the globe, are being blamed for much of the sell-off. Can Super Pelosi, and Bat Mnuchin swoop in before the close to save the day? Let's see...Nota
Tesla catching a bid off the lows. No catalyst as far as I know for the shift in sentiment that we're seeing on the majors. At 1:30PM on the dot, a massive buy program was initiated, and now we're in a persistent uptrend on the 5 minute without exception. We could be revisiting the channel as resistance (polarity principle), before a continuation of selling, or this could be corporate buy-backs taking advantage of the perceived daily discount. We'll find out soon enough...Nota
Strange decoupling between Vix and index price action. Vol is at the HOD now, and up a whopping 22% on the day (33.70), and all the while, the majors are notably off the lows. Vix is clearly not buying the dip, so this is starting to look like a bull trap...Nota
Bulls doing a great job of defending the Green line support as we head into the close. It's been all uphill since 1:30PM...Nota
Massive victory today for the bulls as they successfully defended the Green line support. Bulls were able to recapture key short-term supports on the majors as well, setting up for potential upside tomorrow. Vix was hammered into the close, as the FED put becomes the most popular trade, once again. I appreciate your time today guys, and I'll see you tomorrow for another exciting day of price action. Cheers, Michael.
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