This first chart sums it all up - no wave counts needed: The market is peaking into another top formation and whether it starts on tomorrow's Open or is stretched out a few more grinding higher days, the next major move is down. SPY - With 200 Day EMA The most recent red arrow down represents the peak, so it may or may not already be in. The target for the down move starts out at the lower trend channel but as laid out in our "Wave 3 at multiple degrees of trend" premise, it could break the channel in panic mode, and/or could breakdown rapidly, all the better for options when it happens. Shorter-term, there are additional reasons to expect weakness sooner rather than later. This chart from EWI over the weekend makes a similar case and we have used this DSI/VIX Indicator before to catch tops. Together, my SPY chart above and this complacency chart below spell caution near term, and opportunity in puts intermediate term. That will be our focus in the days ahead, especially as our previous labeled key levels are approached. Stay tuned. TSLA There are over 1 million Cybertrucks pre-ordered. For every one that gets cancelled (for whatever reason) there will be a new order once the vehicle gets into production and on the streets. It is a 2025 story, but the stock will start moving two years earlier, just the same as the Model Y which hit the street in numbers in 2021. We will be trading TSLA independent of the big picture macro view and only have to be right on one of the two narratives going forward. House odds. Tesla is spotted assembling giant casting machine for Cybertruck production
