Tesla ( TSLA ) continued its hot streak and closed higher for the 10th straight trading day. Meanwhile, bitcoin (BTC-USD) continues to trade below a benchmark of $60,000, taking a bit longer to recover than previous bearish periods. Should investors hold stocks overnight and trade in the morning? The data surrounding the S&P 500 (^GSPC) reveals that it can cause a bigger return than some intraday trades.
Yahoo Finance reporter Jared Blikre joins Asking for a Trend to break down the latest market trends and recommendations for the July 9 session
For more expert insight and the latest market action, click here to watch this full episode of Searching for a Trend.
This post was written by Nicholas Jacobino
Video Transcript
S and P 500 NASDAQ uh, rising to record highs today.
Rate cut hopes remain intact as Fed Chairman Pao begins his semi-annual update to Congress and Yahoo!
Finance says Jared Brookie joins us now with more available on trade day.
Jared, that’s right.
Powell may be on the hill, but I want to talk Tesla.
And that’s telling, as Tesla is now hitting a 10-day winning streak.
And let me pull up our mega cap heatmap and I’m going to do a little chart action.
Eh, it’s not that.
But here’s Tesla, along with some other mega caps down here, 3.71% is what it returned today.
And here is the year to date chart.
This is something.
And let me put some candles on it.
First of all, you can see that you are barely climbing the green for the year.
Uh, and this was just a few days ago, but here’s that 10-day band and this comes out of the bottom of that head and it should actually be the top of that head and shoulders, Uh, the bottom that we were seeing there and you see long term chart.
It has finally broken out of this negative trend line and thus very encouraging from a number of short-term perspectives.
So it’s on a hot streak.
Where do we go from here?
Jared?
Is 300 beyond?
You know, 300 is a big level.
Let me erase that line there and you can see that 300 was a resistance line in the past, kind of there.
Also there.
So I think it would be a little difficult for Tesla to get to 300.
But it can be squeezed in there.
We’ve seen a challenge before.
Interestingly, it is now in the midst of a 53-day, er, 53-day rally.
This is this point at this point right there.
Remember, it’s only five.
That’s five years, but that’s equal to 85% here, 85% here, 85% here.
It just seems like Tesla has gone that distance.
So if that’s the case, he might just end up stopping right there before he regains, uh, or recharges for the next move, where he’ll be, we’ll see.
Okay, now guess what we’re going to talk about.
We’re going to talk about day traders vs. night traders and let me explain why holding at night is greater than holding during the day.
This is a chart that I like to update from time to time.
And basically it takes the market.
It is blitzed in two.
Is it 930-4 pm This is in purple here.
Or it’s 4pm to 9.
30 AMI?
Imagine every day at the bell at the closing bell you buy and then sell in the morning.
This would make you more money.
This would have made you more money since the October lows of last year.
Why?
Jared reasons for this.
I’ll tell you what, if you think about it, the market is only open 6.5 hours a day, uh, 6.5 hours a day.
The rest of the time is closed 17.5 hours.
So that means it’s closed about 72% of the time.
There are all kinds of things going on around the world.
What I have found over time, this goes back over 30 years is that you want to be in the direction of the market overnight.
I’ve never seen a bull market where you don’t have the overnight market gain more than the day market.
It’s just because of the time difference.
Let’s say you are an investor.
Are you looking at this, Jared, is this in any way?
I mean, is it a source of concern for you?
worry
You know, it’s not a sale.
It was never a source.
It would be a source of concern to me if I did not see this.
Let me put it this way.
Because when we were in the 2022 bear market, this picture looked very different.
Uh, the overnight market was selling a lot more than, uh, the day, and that’s kind of, uh, that’s kind of the balance that we see.
It is a simple percentage time amount.
The overnight market.
You have more time.
OK.
Third, Jared B point.
Okay, we have to talk about crypto here about Bitcoin Bitcoin going straight all the way up to 60,000.
Let me describe what is happening with Bitcoin right now.
Well, I like to say that Bitcoin likes to cheat traders, and we have seen this time and time again.
Give me two seconds.
Here is our crypto heatmap.
And, uh, these are crypto stocks.
We want to get the current token.
Here’s Bitcoin, um, on the chart from a year ago and let me put the candlesticks here, we’re seeing that it’s just been in this consolidation range right now.
It already broke a few months ago.
At the very end of April, beginning of May, it broke down.
Then he quickly recovered.
It’s doing this now, but you’re noticing that it’s taking a bit longer.
The amount of time it takes is disturbing.
That’s why I say it should be over 60,000.
Otherwise, I’ll probably use it as a resistance level.
And then it’s and then it goes down from there.
So it looks like this where it breaks above and it looks like this and it goes up to test this 75,000.
So this is Bitcoin.
What about the other big arguments?
What are they potentially telling me?
Of course.
So we just saw Bitcoin breaking, uh, its multi-month Ethereum range doing something similar.
If we take this line here just below 3000.
We can see that we haven’t gone as low as one Bitcoin by removing these previous levels here, but we are testing them.
So I think this is actually a more constructive chart that we’re seeing here is Ethereum.
And we can also look at Solana.
I also like Solana’s chart.
You can see that this is actually the lower bound here is actually the separation.
Sign.
Mark, Uh, that’s also respecting its lower bound.
So overall, I give crypto a fair amount of chance to say that the bull market is still here, but sort of holding Bitcoin 60,000 is make or break for me.
All right, Jared.
Thank you my friend.