DeepNewz, mobile.
People-sourced. AI-powered. Unbiased News.
Download on the App Store
Screenshot of DeepNewz app showing story detail view.
Aug 4, 02:05 PM
Tesla Gains 2.3% After Elon Musk Secures $30 Billion Stock Award; SPX Targets 6330 Amid Positive Options Gamma
Stocks
Business

Tesla Gains 2.3% After Elon Musk Secures $30 Billion Stock Award; SPX Targets 6330 Amid Positive Options Gamma

Authors
  • Markets & Mayhem
  • Pharmdca
  • Menthor Q
6

Tesla Inc. shares have demonstrated positive momentum following Elon Musk's securing of a $30 billion stock award aimed at refocusing on the company. The stock price has held steady around the 300 level, with strong support identified at 300 and resistance looming between 310 and 320. Market data indicates a call-heavy, positive gamma setup for Tesla, with top volume option strikes clustered between 300 and 320, suggesting momentum is building around the 310 high-volume level. On August 4, Tesla's stock increased by approximately 2.3% amid robust trading activity and a stable implied volatility of 48.5%. Concurrently, the broader market exhibited strong bullish signals, particularly in the S&P 500 Index (SPX), which showed a 2-to-1 ratio of call to put options and positive gamma, driving the index toward a potential target near 6330 to 6340. Market breadth and volume ratios remained elevated throughout the day, supporting a trend-up scenario with indications of a possible squeeze into the close. The NYSE TICK readings were consistently positive, reinforcing the upside momentum across major indices.

Written with ChatGPT (GPT-4).

Additional media

Image #1 for story tesla-gains-2-3-after-elon-musk-secures-30-billion-stock-award-spx-targets-6330-fe463075
Image #2 for story tesla-gains-2-3-after-elon-musk-secures-30-billion-stock-award-spx-targets-6330-fe463075
Image #3 for story tesla-gains-2-3-after-elon-musk-secures-30-billion-stock-award-spx-targets-6330-fe463075
Image #4 for story tesla-gains-2-3-after-elon-musk-secures-30-billion-stock-award-spx-targets-6330-fe463075
Image #5 for story tesla-gains-2-3-after-elon-musk-secures-30-billion-stock-award-spx-targets-6330-fe463075