Tesla Moves Toward Gap Fill As Market Volatility Increases: The Bull, Bear Case For Elon Musk-Led Stock
Portfolio Pulse from Melanie Schaffer
Tesla's stock fell over 6% on Monday, entering a lower gap as market volatility increases. The S&P 500 Index has retraced 2.71% lower since June 16, and the CBOE Volatility Index (VIX) closed over 6% higher on Monday. Tesla ranks high on the S&P 500 list and often moves in tandem with its big-tech counterparts.
June 27, 2023 | 1:15 pm
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NEGATIVE IMPACT
The S&P 500 Index has retraced 2.71% lower since June 16, and the CBOE Volatility Index (VIX) closed over 6% higher on Monday.
The S&P 500 Index has retraced 2.71% lower since June 16, indicating a negative short-term impact on the index. The CBOE Volatility Index (VIX) closed over 6% higher on Monday, signaling that stock market volatility is increasing, which could further impact the index.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Tesla's stock fell over 6% on Monday, entering a lower gap as market volatility increases. The stock may find temporary support at the lower gap of $235.23.
Tesla's stock fell over 6% on Monday, entering a lower gap as market volatility increases. This indicates a negative short-term impact on the stock price. The stock may find temporary support at the lower gap of $235.23, which could provide a potential bounce.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 100
POSITIVE IMPACT
The CBOE Volatility Index (VIX), tracked by the ProShares Ultra VIX Short Term Futures ETF (UVXY), closed over 6% higher on Monday, signaling that stock market volatility is increasing.
The CBOE Volatility Index (VIX), tracked by the ProShares Ultra VIX Short Term Futures ETF (UVXY), closed over 6% higher on Monday, signaling that stock market volatility is increasing. This indicates a positive short-term impact on UVXY as it tracks the VIX.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80