Tesla Stock : Resistance prevailed?

Market Overview: A Tough Day okay this was a tough day today on the stock market as a whole let's take a Understanding the VIX and Market Movements look at the vix vix is up 5.17 when the vix is going up the stock market goes down uh we had a big peak not too long ago in August we had a big peak in the vix you know that lasted approximately a week and this is what happened for Tesla in that week this is what happened on Dow Jones and and this is what happened with individ so you know we had a big move down across the board so right now I don't know if we are going to get this big move down because we uh you know this is only one candle this is only one day things could be cooling down a little bit if we continue higher then we should be expecting another big move down so just be careful with your Longs be ready to take profit or cut losses Impact of Manufacturing PMI one of the reasons why this might have had happened is that the manufacturing PMI came out any value below 50 is a contraction in the economy where there is less and less manufacturing orders this came a little bit higher than in July but not as high as people predicted they had forecasted 47.5 and now we got 47.2 so I don't know if this is what happened but this is important news that came out today so let's take a look at Tesla and Major Indices Analysis the impact that this had everywhere so in terms of Tesla we are down 351 uh we had a nice day on Friday we had a nice day on Friday we were bouncing Wednesday and Thursday of last week we stopped at support which is what we are supposed to do we stopped at support and on Friday we bounced so this was fantastic so this was going in the right direction but you know this was not yet a buy because we had so many downward channel to to get out of you know this one right here which is part of the one that started in July this is a shortterm a short-term downward channel right here short term so we did not break it today we have broken it during the day we did not close above and we were stop right look at this you know in terms of precision I don't can get much better than this so so we caved into this big downward resistance that lasted for two years two plus years this is the one that stopped us today so you know there are no random moves in the stock market if it is random it's just because we are not looking at the right lines so right smack here we came up and then we were squished down so uh basically this is validating our lines our lines are good because stocks are rea acting to so yes and it was not a buy anyway last Friday you know to buy Tesla we need to have it close above 22618 as simple as that if we don't close above that then don't touch anything if you want to play Tesla you can play it on the 1 hour chart if you want to get a little bit of a swing so sometimes you can catch a few swings that way aside from that this is no good for now this is not yet ready let's take a look at the overall Market let's look at Dow Jones so we had a nice day on Friday we broke 41368 this was a buy right there this was a buy right there boom because of what happened today the big jump in vix thing started to cool down very fast the first hour broke briefly 41 368 and then we started to Creator so uh this is why it's important when you have a position to just watch it like a hawk especially when you enter a position watch it like a hot if it starts to go then this is fine but when you take the position watch it like a hug because it can reverse on you like crazy S&P 500 also caving in now we are making a double top right here so we have a double top if we break it this is great if we don't break it then we are coming down so uh need to be mindful of that NASDAQ you know NASDAQ was never as nice as S&P 500 nor Dow Jones and this one never showed anything never showed any positive sign we always were below our downward Channel and today is just the same thing in continuation let's take a Key Stock Performances look at our important stocks so apple apple we are caving in we had broken 22862 for 2 days now this is not good enough we are breaking lower still we still have a good stas but this is clearly not a very good day Amazon uh you know on Friday we had a break we had a break a one candle break a break and a close I should say a break and a close but it did not last long boom it's coming right down coming right down AMD same thing with EMD we started to go higher and higher but never broke our downward channel so there never was a Buy Signal here so we were okay Adobe we started going higher closing above 571 2 last Friday but we came back so we are back to square one arm never had a byy signal right there Google the same thing never had a Buy Signal so okay this is where we are with Google we have a little bit of support we had a little bit of support right here at 16146 this has just uh caved in this is looking like it could be going further down Microsoft going sideways for now meta never broke 544 Nvidia continuing down this is the downward Channel last week after the earnings we had a move down but it was basically not too bad but now we have a continuation of this move Talent here still going sideway not doing too bad yet smci you know this one is going to three 57 so far A little bit of weakening we are still into a bullish Channel we only close briefly above 793 this is too bad because you we could not close above 793 since March 13th we could not close above we closed Above This was a signal for us it lasted one day then it just gave in let's take a look at our e stock EV Stocks and Other Notable Mentions so uh PD down a little bit next stop is to break 3079 if we can do that this is going to be better loed loed this is just going sideways we still have support at 382 Neo material is doing too bad today of course the volume was extremely 3,000 shares only that were exchanged so you know we can take that with a grand of salt Let's Wait Until It Breaks 13 cents Neo nice uh move today 272 so there's some earnings coming very soon on Thursday so maybe things could turn around for it novonix you know we had a nice move on Friday yeah I about this way too in advance and I am paying the price you know when I don't follow my own rules I have only myself to blame xang uh showing some Force almost 4% up look at this know trying to test this downward resistance and again this is a perfect move we have touched it perfectly ravan still into our downward Channel we have some support would wait for a break at 220 before shorting itan graphite nothing to say here Nicola mining not too bad of a day uh still above 34 cents Bitcoin sideways xrp sideways gold some weakening in the goal hanging in there barely look at this barely hanging and the silver is gone for a little while so yeah not a super bad day for Conclusion and Final Thoughts Tesla overall yes it's down 1.6% but we still made a higher high we still made a higher low so maybe what happened today is just a fluke will get a better idea tomorrow thank you much for watching thank you for liking commenting subscribing if you like what I do you can become a YouTube member click on my Trading affiliate link I'm going to wish you a great evening we are going to talk tomorrow and I'm going to tell you Al

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