The current state of the market has investors questioning whether the major indices are poised for another rally toward all-time highs or if we're about to witness a more sustained pullback.
My view leans towards continued upward movement, particularly as the broader market (SPY) starts to rotate into new sectors with potential for momentum, especially from a swing trading perspective.
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XLE
Energy stocks have shown strength, with the XLE index retesting previous resistance levels. A move towards $101 first seems like can come.
110$ seems plausible given current market conditions if we can manage to get above 101$.
TSLA
Despite poor earnings, Tesla has experienced a notable rebound, rising about 20% from its recent low.
The lack of insider buying this year raises questions about a further rally. I'd suggest waiting for a pullback to the $100-$130 range before considering a long position on the stock.
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