Closing Bell 6-16-2022

Published on: June 16, 2022 | Reading Time: 2 min | Last Modified: June 16, 2022


Market Summary

S&P 5003,666.77-123.22-3.25
Russel 2K1,649.84-81.30-4.70

An overall extremely down market today. Yesterday’s gain was completely wiped and then added to some more losses. DJIA, Nasdaq hit fresh new lows. All investors want to know, is this the bottom or there are still room to go down! VIX is up almost 11.25 %. This indicates there is FUD (Fear Uncertainty Doubt) exists. In my personal opinion, VIX >= 28 indicates extremely high buying opportunity.

TSLA (Tesla) is currently in the downtrend. Although yesterday the stock had a decent day. Nasdaq closed down 4.08 % -453.06 while TSLA down 9.95 % which is almost double the loss than Nasdaq. TSLA had a support level at 650. Today the stock price dropped below that. The next support level exist in 600 level.

My prediction for the stock tomorrow 6/17/2022 is that we will see a bounce back to the positive. The bounce maybe significant as, TSLA stock has taken a major beat down in the recent weeks. The stock price is down YTD approximately 48 percent. The one year price range for TSLA is $593.50 - $1,243.49.TSLA has dropped more than 50 percent from its all time high.

Strategy : Look for short term gains; hold on to the long term securities.

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