Home » Stocks Jump On January 3 Ahead of Massive Data Dump

Stocks Jump On January 3 Ahead of Massive Data Dump

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1/3/2022

STOCKS – TSLA, QCOM, AMZN

MACRO – SPY

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MICHAEL KRAMER AND THE CLIENTS OF MOTT CAPITAL OWN TSLA

Tomorrow will mark the start of a lot of economic data, and we should start to get a better sense of how the market feels about this data. We have been in a vacuum of no real news, and the S&P 500 has been hovering around this 4,800 region with minimal movement.

The index was stuck most of the day between 4,780 and 4,785 and made a late-day break back to 4,796. Interestingly, the pattern on the daily candles, starting on December 27, with a green bar, followed by a red bar the next, followed by a green bar, then two red bars, and then a green bar. The same pattern occurred on December 8 through December 16, with a green bar, followed by a red bar, then a green, followed by two red bars, followed by a green. I mention this because the next bar on December 17 was a big red bar lower. Maybe it’s something, maybe it’s nothing, but I noticed it and found it odd and seemed obvious.

Tesla (TSLA)

Today, Tesla was up nearly 14% after reporting more deliverers than expected in the fourth quarter. The company had a great year, and a lot of that good news has been priced in. I’m not sure what takes Tesla to the next level now. The stock appears to be heading for the gap of $1220, which has been open for a while now. Gap fills with this magnitude are very important and will likely give us a sense of the next move.

Qualcomm (QCOM)

Qualcomm has a spacious pattern forming; it looks like a Head And Shoulders pattern. We won’t know for sure until it breaks below $171 or rise above $190.

 

Amazon (AMZN)

Amazon looks like it is ready to make a big move. It has a wedge forming, with a longer-term uptrend and a shorter-term downtrend meeting. This consolidation could last another few days, but that’s about it; after that, it will have a move one way or another. I’m not guessing what happens.

Have a good evening.

Mike

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