100 hour MA below at 2702. 50 day MA above at 2718
The S&P has erased the declines for the day, trading up to a high of 2720.50. The current price has backed off about 3 points and trades at 2717.03, down -1.34 on the day.
At the highs the price is testing the 50 day MA at 2718.41 (the high reached about 2 points above that MA).
Earlier at the lows, the price tested the 100 day MA at 2702.64. The low price for the day dipped to 2699 (about 3 points below the MA level).
Buyers and sellers are taking trading clues from the MA levels (or so it seems).
Although Tesla is not part of the S&P index, it is an interesting story today. The luxury automaker announced that they reached there 5,000 Model 3 target last week with much help from a tented production line (20% of the cars produced in the tent).
Nevertheless, the news sent the price to a day high of $364.78.
However, the price has since fallen to a low of $329.85 as investors question the viability, cost and quality of producing cars under the "Big Tent" (Is it a circus?). The stock currently trades down -$1.50 at $341.32 (down -0.48%).
