The Nasdaq Is Struggling… Except for Tesla
The Nasdaq-100 just finished its worst month since March 2020. But one key member is standing out: Tesla.
Here’s an interesting factoid from TradeStation’s data farm: Only 15 NDX members closed above their 50-day simple moving averages (SMA) yesterday – the fewest since April 3. Nine of the top 10 companies by market cap were below that line, including Apple, Alphabet and Microsoft. Only TSLA closed above it.
The electric-car giant also touched its highest level since mid-February. The shares then edged back to close around the same $781 level where they've been stuck since the beginning of last week.
This price zone may be interesting because TSLA crashed through it on February 22 and hit resistance there on April 14. A break above it could potentially draw traders off the fence.
Overall, TSLA’s been quietly coming to life as the rest of the Nasdaq’s fallen apart. So far the move has been gradual. (Monthly gains have been in the single digits, unlike the double-digit moves in late 2019 and most of 2020). But it could be worth watching with third-quarter results due later this month.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Here’s an interesting factoid from TradeStation’s data farm: Only 15 NDX members closed above their 50-day simple moving averages (SMA) yesterday – the fewest since April 3. Nine of the top 10 companies by market cap were below that line, including Apple, Alphabet and Microsoft. Only TSLA closed above it.
The electric-car giant also touched its highest level since mid-February. The shares then edged back to close around the same $781 level where they've been stuck since the beginning of last week.
This price zone may be interesting because TSLA crashed through it on February 22 and hit resistance there on April 14. A break above it could potentially draw traders off the fence.
Overall, TSLA’s been quietly coming to life as the rest of the Nasdaq’s fallen apart. So far the move has been gradual. (Monthly gains have been in the single digits, unlike the double-digit moves in late 2019 and most of 2020). But it could be worth watching with third-quarter results due later this month.
TradeStation is a pioneer in the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
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