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Neither bulls nor bears seems particularly inspired at the moment, although the edge still goes to the latter and to the downside target given here previously: 970.80. A descent to that Hidden Pivot would become an odds-on bet if its midpoint sibling at 985.60 is exceeded on a closing basis. Alternatively, the futures would need to touch 1000.10 on a rally Monday night or Tuesday to turn the minor trend bullish. A more important midpoint resistance would come into play thereupon, and with its breach a potential run-up to 1028.10.
Tesla got short-squeezed to within 28 cents of the 86.72 target I’d proffered early Monday morning, but a second-wind rally to 88.00 suggests it’s got eyes for 104.44, the ‘D’ target associated with the first number. It can serve as a minimum upside objective for now, implying that all trades between here and there be positioned from the long side. We’ll plan on buying weekly puts if and when the target is reached, provided it happens before Wednesday of the given week. Please note as well that a lesser Hidden Pivot at 94.19 (see inset) has the potential to stop the rally cold and can therefore be used for spec camouflage shorts.
All signs point higher at the moment, but even Google will have to top somewhere. My best-bet for a short-able apex is 929.78, the Hidden Pivot target of a well-defined ABCD on the monthly chart (see inset). You can try shorting with camouflage at that number, or at the D target (in purple) of the lesser pattern, but until then all trades should incorporate a bullish bias.