Updated Nasdaq chart:
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Down another 54 points today, and down a whopping 206 points from it's 4/20 high. (Ha! 4/20 high - no pun intended).
We can kiss the 50 DMA goodbye. Next level of support is near 4700, where the first Fib ratio lies.
You may have seen the article about Tesla Motors (TSLA) stock being ridiculously valued at $620,000 per car it delivered last year. It's valuation is roughly 125 times the next 12 months of expected earnings. I'm surprised the stock didn't climb higher on the news, the way irrational exuberance has been flowing around the market these days. For some strange reason, the stock fell almost 4% today, and should help bring the Nasdaq down further. Anyone watching this stock should have seen the overvalued RSI, and then the PPO crossover to save them from it's downfall.
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