Tesla Meanders Back Into Old Support, And The Rounding Top Keeps Rounding

So we’ve had the last Friday of the month, now we have the last day of the month, where we could see a little to’ing and fro’ing as positions are wound and unwound for the month end accounting shenanigans.

Sadly a black Monday did not appear after Friday’s attempted start of a “good sell off”.

And the news in a line. Shots are once again being fired around Hormuz, while September rate odds moved from a third to well over half. The whole thing is of course sad to see, and the markets are once again giving a rather French meh shrug, taking another puff of the cigarette and swirling a rather vinegary white wine…

Market Snapshot

Apart from that, a pretty stagnant start to the week, although we have the rest of the week to see things spice up a little.

The market has confirmed that today’s behavior is an administrative matter, and should not be interpreted as a view.

• TSLA 348.75, down 6.06 (1.71%). One Mag 7 name does jump out. Full read below.

• BTC 78,368.33. The rounding top continues to round. Full read below.

• ES 7,707.25, down 17.50 (0.23%). Still well under 7,838.50.

• NazQuack (NQ) 29,455.50. Sat back below the prior highs.

• Uncle Dow (YM) 53,472, down 118 (0.22%). Under the prior NATHs.

• Uncle Russ (RTY) 2,975.4, down 2.0 (0.07%). Remains the leader on the bear charge for the moment.

• VIX 15.24, up 0.82 (5.69%). Jumped higher despite there not yet being an overnight sell off, which could well be a precursor to the tone of the day’s moves.

• Crude (CL) 86.19, up 2.75 (3.30%). Reacted more directly on the increased conflict activities.

• Gold 4,499.6, down 4.5 (0.10%). No read today.

TSLA – Gapped lower, meandered back higher, right into prior support.

Instead of the SPX swing, I thought I’d look at a few Mag 7 stocks, and one does jump out at me. TSLA.

A few things are coming together. Prices have gapped lower and meandered back higher through August, right up to the prior support low now acting as resistance.

Same level, new job.

The 2 month VWAP also shows the current levels as the main VWAP level, with price also showing a lovely V entry pattern. The target is a retest of the recent lows, marked at 297.38.

Just as we often discuss in the 6 money making patterns, sell the pullback after a breakout. This qualifies. Let’s see how it plays out.

Crypto, BTC – The rounding top continues to round.

Over on crypto, BTC, we can update the current situation in that we dove?, dive? doved? bah! dug a little deeper on the BTC setup.

The rounding top continues to round after retesting the short zone trigger mentioned last week, and the inside day 2 days ago also provided another low risk opportunity to join the party, in just the same way we have been talking about inside days these past few weeks.

For the moment, the bear moves are developing nicely and a push to the target zone is still looking good.

Meme of the Day:

Trade well,

T2 Markets

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