This chart has me worried.
The broad equity market is higher today but one big name has been left behind: Tesla. It's fallen through $1000, which would be the lowest close since Oct 22 and the gap higher the next day. It fell 6% yesterday as well.
The chart is starting to look like problem. There is a series of lower highs and now lower lows are threatened with the break of a triple bottom. Moreover, the latest round of declines is coming in a positive equity market overall.
You wouldn't think there would be profit taking ahead of year end because of tax implications so there's an incentive to hold as well.
Of course, Elon Musk himself selling isn't a great look and the stock is highly valued by any metric.
Baring a quick turnaround, this chart looks vulnerable for a fall to $850 on a close below $1000. All the meme stocks are suffering right now and this one is the king of the memes.
