The Market is slowing down

Submitted by FOREXcom t3_zz9jqc in wallstreetbets

With tomorrow being New Years Eve, the illiquid market has slowed down as traders are closing up their books for the year.

Winding down any ideas and thoughts, its important to see what is waiting for us up ahead. This week, the biggest story is Tesla's brutal December decline as it went down about 40% in value. As popular as it is, Elon Musk's Twitter has cost more time taking away from the automobile company. Tesla is currently at its lowest since August 2020. It will be exciting to see what Elon Musk has planned to recover his losses.

Another notable decrease was in the NASDAQ 100, following in suit with Tesla. From a technical perspective, the 10,500 area is a critical level. In addition to marking the 2022 lows, it also represents the 61.8% Fibonacci retracement of the entire post-Covid rally. While bulls would certainly like to see a big rally off this support confluence, the bigger picture outlook for the index will remain bearish as long as it continues to put in “lower highs” on the daily chart. Meanwhile, a confirmed break below support in the 10,500 area would open the door for a continuation down to the pre-Covid high at 9,700 or even the 78.6% Fibonacci retracement near 8,900 as we move through the first quarter of 2023.

It will be interesting to see how the tech market will recover from this year's downfall.

10

Comments

You must log in or register to comment.

BakerNo5828 t1_j2bzeo5 wrote

"Ferm a tecnichul level..."

We found the king regard lmao.

Yoooo the 6009 fibbo just broke omg now it's going to go up to the ziggorabbo line! fatredditorpointing.jpg

8

AmericanFlyer530 t1_j2aeuey wrote

I wouldn’t be surprised if the market continues to just sort of stall out and sputter over the next few months.

5

VisualMod t1_j2a8p7u wrote

>It's no surprise that the market has slowed down heading into New Year's Eve. However, it is notable that Tesla has seen such a steep decline in value over the past month. Elon Musk's Twitter habit has certainly been costly for the company and its shareholders. With technical support around 10,500 on the NASDAQ 100 index, it will be interesting to see if bulls can rally off this level or if we continue to see bearish momentum carry us into 2023.

3

VisualMod t1_j2a8ohq wrote

User Report
Total Submissions 0 First Seen In WSB 1 year ago
Total Comments 4 Previous Best DD
Account Age 5 years [^scan ^comment ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_comment&message=Replace%20this%20text%20with%20a%20comment%20ID%20(which%20looks%20like%20h26cq3k)%20to%20have%20the%20bot%20scan%20your%20comment%20and%20correct%20your%20first%20seen%20date.) [^scan ^submission ](https://www.reddit.com/message/compose/?to=VisualMod&subject=scan_submission&message=Replace%20this%20text%20with%20a%20submission%20ID%20(which%20looks%20like%20h26cq3k)%20to%20have%20the%20bot%20scan%20your%20submission%20and%20correct%20your%20first%20seen%20date.)

^^Discord ^^BanBets ^^VoteBot ^^FAQ ^^Leaderboard ^^- ^^Keep_VM_Alive >TL;DR: -Tesla is down 40% and at its lowest since August 2020

1