While the market is long term bullish it may give a false break lower “bear trap” into May. January 15th was initially in my opinion going to be a low, but now is a top with January as a turn point. So with this it could run out of steam and play lower into May.
Expect Feb maybe to fake out upward for first two weeks, maybe till Feb 5th week. Again, long term we are bullish but if we head lower it could be bear trap with many folks claiming “I told you so…” and then it flips. Two to three months of pain may get everyone on the same page before the flip.
NasDaq Futures
Next week seems to have double direction change and high IntraDay Volatility. A good resistance point is the blue bullish reversal which it can blow upward thru, but would be low risk if shorting.
Notice the upward trend line so longer term bullish, but possible bear trap coming. Be cautious here, TSLA would be a better look around earnings if they get 194/195 on a quick drop then buy.
NASDAQ UPDATE: 1/24/24
We are now testing a Yearly Bullish Reversal which may act as resistance. Expecting January as the highest close with February maybe 2 weeks higher, but this area could be low risk short into next month or two.
Watch the BLUE LINE… this is the Year Bull. (long term bullish, but bear trap may be coming soon)
TSLA Looks Interesting
While it’s going to be bullish long term into 2032. There may be two or three months with the market where it gets everyone depressed and throw in the towel. This may be around May, but till then TSLA is looking interesting. Many fundamental traders love the humanoid bots as it appears electric cars are no longer the hot trend — and they don’t charge when it gets colder.
206.85 is Quarter Bearish (purple) — can hold support
We elected weekly bearish last week — can head lower
194.06 is Week Bearish (pink) — can retest
January is Turn Point — possible low
