#24/2023 - Is the bull market finally here & TSLA, NVIDIA doomed for a pullback?

Trading Tips With Jim Stromberg

Could we finally be witnessing the dawn of a bull market, with the Nasdaq establishing a new footing above the 13,000 points benchmark? The index is currently overbought by both chart and numerical indications, signified by a surging volume of stocks issuing buy signals. Yet, solid support lies beneath, and this fact bolsters the growing optimism that we've likely weathered the worst of the storm.

In last week's podcast, we highlighted potential fluctuations in Nvidia's performance; indeed, the company has seen some recoil. However, with minimal support in place, before it reaches the $320 mark, there's a sense of turbulence on the horizon, especially if the market starts to feel saturated.

Tesla is another spotlight company whose stock has ascended dramatically into overbought territory. History suggests that a corresponding pullback follows each surge. As such, could this be the week we see Nvidia and Tesla undergo their respective market corrections, especially with both CPI figures and the Federal Reserve's decision hanging in the balance?

Stay tuned for this week's podcast, where Jim will provide the latest insights on auto trading trends and announce some exciting upcoming modifications to the podcast format.