April 18, 2023
By Mish Schneider
After recent price cuts and low expectations of only $.85 per share or a 20% drop since a year ago, many eyes will watch Tesla after the close.
Tesla, always controversial, can either beat those low expectations and provide a low risk buy opportunity against major moving averages,
With Musk on a call shortly thereafter the numbers are published, he can just as easily talk the price down.
Regardless, it is always about the expectations and forward guidance, regardless of how many analysts chime in ahead of time with their predictions.
That of course, and the price charts.
The first chart is a Daily timeframe.
The divergence between momentum and price is most interesting.
While our Real Motion says bullish phase and the indicator sits right on the 50-daily moving average, the price says bearish phase.
A move over the 50-DMA in price or 192.50 would be compelling based on the better momentum.
On the weekly chart, price is better than momentum.
The $177 level is big support to hold based on the 200-WMA. Momentum is in a bearish phase while price is in a caution phase.
Hence, a move over 192.50 could take price up to around 215 next. Under 177 we could see 120-125 just as easily.
In between? Just like the rangebound market- tough call.
For more detailed trading information about our blended models, tools, and trader education courses, contact Rob Quinn, our Chief Strategy Consultant, to learn more.
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"I grew my money tree and so can you!"- Mish Schneider
Mish in the Media - All clips here
Business First AM on Tax Season 04-18-23
Final Bar Stockcharts Dave Keller 04-13-23
CMC Markets 04-12-23
Yahoo Finance 04-12-23
Rosanna RoPodcast 04-07-23
Making Money with Charles Payne 04-06-23
April 19 Closing Bell Cheddar TV
April 20 Benzinga Pre-Market Prep
April 24-26 Mish at The Money Show in Las Vegas-2 presentations and a book giveaway
April 28 Live Coaching Complete Trader
April 28 TD Ameritrade with Nicole Petallides
May 2-5 StockChartsTV Market Outlook
S&P 500 (SPY) Tight range to watch this week 412-415
Russell 2000 (IWM) 170 support- 180 resistance
Dow (DIA) Peeking over the 23-month MA 336-impressive if holds
Nasdaq (QQQ) 312 support over 320 better
Regional banks (KRE) 41.28 March 24 low held and now has to clear 44
Semiconductors (SMH) 258 resistance with support at 250
Transportation (IYT) 219-228 the wider range to watch
Biotechnology (IBB) 130 major pivotal area-135 resistance
Retail (XRT) 58- 64 trading range to break one way or another
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