Will Tesla Hit $290? 5 Must-Watch Trades Ahead of Key Market Data

Here’s a breakdown of five setups I’m watching for the week: Tesla, Carvana, AMD, Walmart, and Raytheon. Remember, this is not financial advice - just my personal plan and thoughts. Let’s dive in.

Market Overview: Where Are We At?

Markets are showing signs of recovery, but key resistance looms, particularly around 5850-5860. Watch for possible slowdowns. The daily chart’s 50-period moving average is sitting near 5936, not likely in play tomorrow, but worth keeping on your radar.

Economic Calendar: Key Events This Week

• Durable Goods Orders (Tomorrow): Likely minimal impact, but worth noting.

• GDP (Thursday & Friday): A more significant release, stay alert.

• PCE (Fed’s Preferred Inflation Metric): This is the critical report. If it’s higher than expected, markets could react negatively.

Looking for a detailed schedule of events? Check a reliable source like Bloomberg’s Economic Calendar.

Sector Analysis: Who’s Got Momentum?

Notable movers:

• Strong Sectors: Tech, healthcare, consumer non-durables, and utilities are shining.

• Specific Standouts: Tesla is climbing toward $300. Meanwhile, Walmart is down 3% - a hit worth analyzing in the trades below.

1: $TSLA ( ▼ 1.09% ) - Tesla

Tesla pushed higher today, with bullish momentum driving it toward $290 post-market. It’s responding well to ongoing enthusiasm around its growth prospects. The VWAP acted as intraday support, and bulls dominated throughout the session. There’s some resistance near $290, but the trend remains strong.

What I’m Watching:
I’m eyeing $284 as a key support for potential entries. If $286 becomes a new base during pre-market, that’s where I’ll position for another leg higher while targeting $290 or above.

2: $CVNA ( ▲ 1.31% ) - Carvana

Carvana saw intense action, rebounding strongly from a weak pre-market and closing higher. Buyers defended the $214 level well, with pre-market highs of $227 marking clear resistance. Momentum remains solid, but volatility is high.

What I’m Watching:
Looking for a pullback to $222 for a starter position. I’ll focus on higher highs and lows forming intraday to confirm a potential move higher. Stop-loss just below $222 keeps risk managed.

3: $AMD ( ▲ 3.52% ) - Advanced Micro Devices

AMD bounced near $113 yesterday, showing solid intraday buying pressure as it retested its highs. Today, it remains focused on developing strength at key resistance around $115-116. Intraday swings are narrowing, hinting at a potential breakout.

What I’m Watching:
I’m considering long entries at $115 if it holds as support. Target a move to $116 while using $114.50 as a stop-loss for controlled risk.

4: $WMT ( ▲ 1.06% ) - Walmart

Walmart took a hit today, with significant sell volume pushing the stock lower. Strong supports are found around $84 (November lows) and the 200-day moving average (~$83). Intraday, $85 showed potential resistance as bearish momentum remains prevalent.

What I’m Watching:
I’ll watch for short opportunities between $85 and $85.25, targeting $84 as a first profit area. If $84 breaks, momentum could lead to further downside.

5: $RTX ( ▲ 0.72% ) - Raytheon

RTX nears a double top around $136, with buyers remaining active even during red market sessions. Price action is solid, but $136 needs to break decisively to signal a sustained move higher.

What I’m Watching:
I’m waiting for a false breakdown below $136 to place a long. A clean recovery and hold back above this level would confirm momentum for a potential breakout.

Quick Recap of Trade Setups:

Final Thoughts:

This wraps up the week’s trading ideas. Use these plans as inspiration, not instructions. Trading carries risks, and it’s essential to do your own research.