Futures Market Review and Forecast: What About Tesla?

Nothing changed on the S&P 500 yesterday. I mostly focus on that index, but I will occasionally show you a Volume Profile of my favorite equities. Tesla (TSLA) is in a very interesting position at the moment. The stock filled a nasty gap on Thursday, which puts it at a key resistance point, its Volume Profile Point of Control.

$211.49 is key resistance, but a close above that level could shoot the stock to $240, its next significant Volume Profile resistance level. Curiously, shares did not sell off after a very weak earnings report. I take that as a bullish development and I’m looking for a short squeeze.  

A Note on Volume Profile

The histogram on the left side of the chart shows the volume distribution in the S&P futures for different periods of time. Key support and resistance levels are indicated by the peaks and troughs.



If you would like to receive a primer on using Volume Profile, please click here.