Scott Redler’s Dog Bytes: Where Tesla Can Go

August 2, 2021
/ By Scott Redler

Welcome to Scott Redler's Dog Bytes, which gives you a selection of insights from Scott's Redler Report newsletter.

SPX futures are +18 and off the morning highs. It’s hard to buy strength this morning with resistance in the 4422- 4429 area. It's hard to tell what type of August we will have, but some names might trend vs. last week's post-earnings lows.

Typically, we get new flows at the start of a quarter or month, so we'll see if early strength builds or fades. Late last week, the market started to feel tired. The headlines are still focused on the Delta strand, infrastructure deals, and the idea of “Peak Everything.”

SPY’s all-time high pivot is $441.80 and we'll see if that gets touched again this week. I have this on as a hedge. It doesn’t feel like the market wants to run away this week. If it's choppy and faulty, we'll know new flows aren’t helping.

Most big tech earnings are behind us. Some names acted better than others. We'll see if QQQ can digest up here. Today, we’ll see if the early strength holds. See if it stays above $365.19.

TSLA worked great for us late last week as it finally showed some leadership. I did re-enter around $654 and it gave a way to add on Friday as it went green first to hit $697. I will trim and stay with some. A close above $700 could open the door for a move to the $724 area in the sessions ahead.

AAPL can be an interesting swing long for August if it can hold the $142.55 area. I'll stay with it. If it can get and stay above $146.30ish, perhaps it opens the door for a retest of the $150 area.

TWTR has a nice setup here if the market wants a leader. I'm long vs. the $67.50 area. it will need a strong move and close above $71.20 to put it in motion to clear $73.

Positions Disclosure as of 8/2/2021 at 8:07 a.m. ET

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