
The S&P 500 Index ($SPX) recorded its first consecutive red weeks since the lows of October 23, 2023, signaling potential volatility ahead. This shift comes after a period of 21 weeks of positive momentum, marked by two notable spinning top candlesticks, a pattern last observed on February 13, 2023, which was followed by a 3.3% drop in the SPX. Recent trading patterns have shown a change in the typical Friday market behavior, with four of the last five Fridays ending either flat or in significant declines. Tesla Inc. ($TSLA) is trading at a 3.5-year low relative to the Nasdaq 100 ($QQQ), with a potential drop to key support levels at 152.37 and ultimately 144ish if the market continues to decline. The broader market faces a critical moment with the upcoming Federal Open Market Committee (FOMC) meeting and mixed expectations regarding rate cuts. Technical indicators suggest a possible multi-day drop of 2.5% for the SPX, with key support levels identified at 5,100ish, 5,050ish, 5,000, and 4,981.50. Another significant level for $SPY is at 495. Tesla's stock, currently priced at $163, is also in focus, with speculation about its direction amid market pressures and analyst downgrades suggesting a significant downside.
Endless downward EPS revisions. FY25 at $3.98 EPS. Put a 30x multiple on that and you have $119/share. I think $TSLA touches $120 after q1 earnings. Current price $163. https://t.co/CreXAfMGq5
Where do we end this week on $SPX?
$TSLA - looking good here Several downgrades last week - “30% downside”. Oversold, especially vs $SPY Set for a solid interim rally into Q1 production. Hedge still on into tomorrow after a weak week. Street should be ready to run over shorts












