Stock Market Breakdown: Earnings Plays, Failed Breakouts & Tesla Analysis for Next Week
Hey, traders! Kunal here, and I’ve got a special guest today — baby Colt, our future Detroit Lions quarterback! This past Friday gave us some big moves, but with frequent rollovers and failed breakouts, the question remains: are we seeing distribution, or is the bull market still alive?
Market Overview
Friday’s session saw strong early momentum, only to roll over and end the day in the red. This constant reversal could signal distribution as we approach an election year, possible inflation concerns, and rising interest rates. Though the market is facing some pressure, we’re still within breakout territory on the major indices. It’s essential to stay cautious, but the potential remains for strong earnings plays and selective breakouts.
Top Stock Setups to Watch
- Tesla (TSLA): Tesla remains a high-potential play, especially with its recent gap-up on earnings. We’re watching for a possible “shakeout day” where Tesla sees a brief dip, giving us a prime entry point around the $270 mark.
- Reddit (RDTT): This IPO breakout stock is flagging nicely, and with its 9 EMA as support, it’s got both swing and day-trade potential. Aim for dips to avoid the intraday wicks for a cleaner entry.
- Taiwan Semiconductor (TSM): With its recent earnings beat, TSM shows one of the cleanest semiconductor setups. Keep an eye on the $205 level for a potential breakout to $215.
- Wulf (WuLF): This crypto play is approaching a major level around $6.75. A dip to the 9 EMA could give us a strong setup for a breakout.
Tips for the Week
- Focus on stocks with recent earnings, as they often show the best momentum.
- In a mixed market, be cautious with breakouts. Look for dips and shakeouts as possible entry points rather than chasing strength.
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