ESM2024 The Jobs numbers this morning sent the market higher, but be aware of a head-fake. The institutional Traders who move price, are taking advantage of this "report" and setting up Retail Traders to have their heads handed to them. I notice the jobs report didn't mention that Apple is laying off 600 people or that the 99 Cents Only store is closing all 371 locations. I'm guessing each location employs 50 people give or take. That's 18,550 jobs LOST. Add in the 600 high paying, high-tech jobs lost at Apple and we're at 19,150 jobs. Also, those 99 Cent Only stores are pretty massive in regards to commercial real estate square footage. IMO commercial real estate is about to get dirt cheap. I assume China will snap it up. They've already bought most of the farmland Bill Gates didn't buy, why not buy cheap commercial space and move the growing inside. One of the many reasons we love ES Futures (all Futures) is the ability to be short at the drop of a hat. No 25K minimum account balance and favorable tax rules (see your CPA). That's the short list. If you want the full monty join us CFRN every trading day here on the TradingView Platform.
TSLA Yesterday at the end of the day we were looking at a Hammer candle along with a Bullish falling wedge pattern that was signalling a potential rally but not necessarily a bottom. had Cathy Woods not spoken out about the 25K EV the price likely would have traded a bit lower yet but instead it rallied today making a bullish break just above the upper trendline of the wedge and now in the 15 minute chart we have a rising wedge that is Bearish but also the potential to have a Golden Cross form where the 50 day EMA May cross back over the 200 day EMA signalling greater strength moving forward at least in the short term. The TSI though Bullish is still weak as the oscillator is trending along the trigger line. So now we wait and see what the morning brings.
TSLA Cathy Woods statement is good new but not warranted to move the market so strongly at this time as we're talking about 2025 revenues. This 25K vehicle is still in development. What I'm waiting to hear about is the Musk Compensation Package unless it might be on the verge of being released and the Big Hitters might be starting to cover their Short positions....
BTCUSDT Here’s my timeline for BTC: -BTC gets rejected from $28,600 this week. -BTC falls below $25,000 at the end of October or Mid November -BTC will eventually find support at 19K in the following months and test 25K but most likely get rejected - BTC should gradually decline to 112K -15K over the next 10 months. If the world economy crashes, which is likely, it could go even lower (for a VERY short amount of time). -Best time to buy will be Fall 2024 or Spring 2025.