Wednesday was another quiet session for the S&P 500 with the index declining a quarter of a percent. While counting profits on up days is more fun, healthy rallies need periodic stepbacks like this to stay healthy and sustainable.
Only the biggest of bears are making a big deal about this 0.26% loss. But in reality, if this is the best the naysayers can muster, the rest of us don’t have anything to worry about.
Last week’s dip and bounce continues to be our line in the sand. Hold above last week’s lows and the bounce is alive and well. Fall under this key level and we need to get defensive. It doesn’t get much more straightforward than that.
Keep holding with stops spread across the mid-4,600s and see where this goes.
Tesla's (NASDAQ:TSLA) bounce off of $1k support is developing nicely. It was on the edge there for a couple of days, but we knew it was going to take a lot more than a few tweets to kill the phenomenal bullish sentiment in this stock. Keep holding with stops under $1k and see where this goes.