A Strong Morning
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Welcome to a new week, everyone. The first of TEN weeks uninterrupted by holidays. Huzzah! In the not-so-huzzah department, the /ES has lifted about 140 points since Thursday morning.
This strength has pushed through the short-term descending trendline and has lifted prices above the Fibonacci retracement. Let’s see if by day’s end this fizzles or sizzles.
The /NQ has likewise been on the ascent, although at least it has a clear resistance level to watch. The dividing line defining the short-term top is at about 15,640 for the NASDAQ futures.
Tomorrow, the Elon Musk biography from fabled author Walter Isaacson hits the streets. I pre-ordered mine months ago. Coincidentally, Morgan Stanley issued a glowing 66-page report on Tesla (TSLA) over the weekend, raising the target price of the stock to $400 and hailing its Robotaxi and Doji projects. The pre-market action is celebrating this upgrade.
If this pre-market action holds, it could finally bust the Fibonacci pair that has held back TSLA for so long.
For myself, I’m in for a bit of a rough opening, and I’m fairly well-invested. The only really aggressive position I’ve got, which is also by far the smallest, are some AAPL puts I picked up on Friday that expire this Friday. Whether I stick with these or not depends on whether the price gap is crossed.
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