CVNA has been testing the 200-day/40-week moving averages for the past 5 weeks, with a solid weekly close below them likely to open the door to my longer-term trend targets on this weekly chart.

I just added a new (yellow) uptrend line to but not crazy about it since there are only a few reactions on it. Either way, I still like the trade & think it will provide above-average returns IF the stock market continues lower in the coming months, as I suspect.

I’ve attached my previous (Nov 12th) & updated 60m charts of the Dec /ZB contract as well as the March contract; however, this charting platform still has the Dec /ZB as the ‘continuous’ or current contract so this March contract doesn’t have enough history to properly add trendlines & support/resistance levels yet.

/ZB came close enough to the uptrend line to trigger a reaction with the 117’278 resistance likely either contain the bounce (red arrows) or trigger more upside on a solid breakout (green). Feel free to bump me again soon & they should have rolled to the March, so I can mark up that chart with levels.

Still looks like NVO’s trying to pound out a bottom at that long-term uptrend line & price support on the weekly chart, despite today’s drop from the Alzheimer trial. However, I wouldn’t buy or add to it under 45, only above it.

By chance is anyone heavy into all of these YieldMax or Roundhill high yield dividend ETF’s? Interesting to see that market grow but going to be more interesting to see these ETF’s during a bear market.

Don’t be sore, short more… ;-)

TSLA offers an objective add-on, re-entry, or new short entry on this backtest of the uptrend line + 50-DMA + 413ish price resistance with a stop somewhat above that 435ish resistance, ideally on a daily or weekly close.

Remember, QQQ hit & bounced off my T1 on the daily chart on Friday (pretty solid support) with several of the market-leading Mag # stocks also hitting & bouncing off key price or 200-day MA support, not to mention the positive divergence on the 60m charts of QQQ & SPY.

We still have some recent & decent sell signals on the daily & weekly charts, so this “textbook” looking bullish setup in the indices & many of the Mag# stocks could play out for a multi-week rally -OR- fizzle out & get sold into just as the dip-buyers start to flood back into the high-flyers in mass, as they think is it finally safe to get back into the water.

I still favor the former but open to anything, ready to move or pivot fast, if needed, but also keeping things light this week due to the hoildays.