The Big Picture IWM Initial Feb put positions were taken last week pursuant to the break down below 195 in IWM. Further weakness to below 190 and/or 185 would strongly suggest adding additional contracts to the position. SPY A break below SPY 464 triggers SPY puts, again going out to Feb 16th. The range on this SPY put table is 465-455 with the ideal strike as of late Friday afternoon being 460. The beginning of a steep decline would suggest the 455 or even 450 strikes as excellent risk:reward bets. The SPY chart is suggesting 410 as major support, which would send all of the above strikes up in the neighborhood of 10X. Bottom Line: Initial weakness translated into initial short positions via index puts, whereas continued weakness will trigger adding to those positions, SPY and/or IWM. QQQ: PRO Service traders take note. TSLA - Update The TSLA 240 Minute Trend Model has triggered a short-term Sell and projects a Fib target to as low as $220-230 before Key Level support. This is a signal for short-term traders, anyone else can ignore, for now, until and unless $220 is broken on a closing basis. In that case, something Intermediate may be occurring and further action may be deemed appropriate. The good news is that this Sell sets up a potential fresh Buy Signal early in what could be an exceptional year for TSLA, with the expectation that any Buy Signals triggered in 2024 will have huge mega return potential. TSLA - 240 Minute Trend Model The problem for TSLA bulls now is that the decline of the past few days has only touched the Fibonacci retracement zone and shares could fall another $20 without disturbing the longer term bullish wave count (chart below). In other words, its too early to aggressively buy new calls, but make no mistake, that day is coming. Tesla video of the week: $10 Trillion Market Cap ($3,000/share) by 2030
