Today will mark the start of a lot of economic data, and we should start to get a better sense of how the market feels about this data. We have been in a vacuum of no real news, and the S&P 500 has been hovering around this 4,800 region with minimal movement.
The index was stuck most of the day on Monday between 4,780 and 4,785 and made a late-day break back to 4,796. Interestingly, the pattern on the daily candles, starting on Dec. 27, with a green bar, followed by a red bar the next, followed by a green bar, then two red bars, and then a green bar.
The same pattern occurred on Dec. 8 through Dec. 16, with a green bar, followed by a red bar, then a green, followed by two red bars, followed by a green. I mention this because the next bar on Dec. 17 was a big red bar lower. Maybe it’s something, maybe it’s nothing, but I noticed it and found it odd and seemed obvious.
Tesla
Yesterday, Tesla (NASDAQ:TSLA) was up nearly 14% after reporting more deliveries than expected in the fourth quarter. The company had a great year, and a lot of that good news has been priced in.
I’m not sure what takes Tesla to the next level now. The stock appears to be heading for the gap of $1220, which has been open for a while now. Gap fills with this magnitude are very important and will likely give us a sense of the next move.
Qualcomm
Qualcomm (NASDAQ:QCOM) has a spacious pattern forming; it looks like a Head And Shoulders pattern. We won’t know for sure until it breaks below $171 or rises above $190.
Amazon
Amazon.com (NASDAQ:AMZN) looks like it is ready to make a big move. It has a wedge forming, with a longer-term uptrend and a shorter-term downtrend meeting. This consolidation could last another few days, but that’s about it; after that, it will have a move one way or another. I’m not guessing what happens.
