Tech Test Monday’s Low’s, Tesla Is The Litmus Test

 

 

 

Tech Re-Test

Tech (XLK) sold off again but seemed to continue to find support on our trend line traced out on the previous commentary.

Daily Chart of the Tech XLK

When we look closer we can see on the hourly chart as well.

XLK 5 minute chart

 

We can also see how the XLK test and the lows from Monday morning and was able to bounce.

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The Litmus Test

Tesla (TSLA) will continue to be our litmus test as to the mood of the market, as there is no other stock that has shown the strength and resolve of Tesla thus in 2017.

We can see once again that the Bulls stepped in a held shares up.

Tesla 15 minute chart

Actually taking the stock up into the close. It continues to show that despite the weakness shown in Tech there is very much a risk-on mentality still embedded within the market.

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*Charts Provided By Interactive Brokers TWS

Disclaimer

Michael Kramer and the clients of Mott Capital Management LLC own shares of TSLA.

Michael Kramer is the Founder and Portfolio Manager of Mott Capital Management LLC, a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Upon request, the advisor will provide a list of all recommendation made during the past twelve months. Past performance is not indicative of future performance.