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TSLA closed the day with a sharp decline, breaking through key levels and showing no signs of slowing down.

Meanwhile, SPY formed a near-perfect double bottom, coupled with a strong closing candle, suggesting potential movements in the days ahead.

The dollar, having traded within a symmetrical triangle, is poised for a breakout, creating a high-risk, high-reward scenario as it navigates between demand and supply.

Let’s dive into the charts! 

* MARKET INTEL *

TSLA

TSLA ended the day in a nose dive through the 222 level with no signs of slowing at close, no doubt looking for liquidity at least as low as the 215.5 level, if not filling the gap there and running right to demand at 210.

* SPY *

S&P 500

The SPY formed a nearly perfect double bottom with a monstrous closing candle to the downside.

With the 540 gap, it's in being almost filled, it could manipulate to the upper trendline tomorrow before heading lower instead of the obvious immediate continuation.

* DXY *

US Dollar

The dollar has had a choppy week, trading in a symmetrical triangle primed to finally break out tomorrow.

Straddling demand and a slightly larger supply, the direction is mildly bearish for a high-risk high-reward breakout play.

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* MARKET INSIGHTS *

Economic Vibe

Movers & Shakers

• Service Now Inc (NOW) +13.398%

• Molina Healthcare Inc (MOH) +12.278%

• Edwards Lifesciences Corp (EW) -31.34%

* HEADLINES *

Top Reads

• SOUN vs. AI: Which AI Stock Is the Better Buy? (Yahoo Finance)

• Nvidia Fell Again Today -- Time to Buy the Artificial Intelligence (AI) Leader's Stock? (Yahoo Finance)

• Dexcom Stock Collapses 33% After Sales Miss Leads To $25 Million Guidance Cut (IBD)

• CrowdStrike CEO Involved In Another Global Tech Disaster Years Ago? Unbelievably, Yes (Yahoo Finance)

• Macro hedge funds to dump $45 billion in equities, says Morgan Stanley (Yahoo Finance)

• Why Ford Motor Company Stock Crashed 17% Today (Yahoo Finance)

• Earnings Calendar Spotlight: All Eyes On Apple, Meta, Amazon, Microsoft (IBD)

• AMD’s AI Chip Sales May Be Strong, but Analyst Notes the Risks (Barrons)

* IDEA *

Mastering the 5-min chart

KEY POINTS

• Identify key patterns like flags and triangles to anticipate market moves.

• Apply indicators strategically to enhance chart clarity and decision-making.

• Avoid over-trading by setting time limits and focusing on high-quality setups.

• Define stop-loss levels to control losses and protect your capital.

• Continuously educate yourself and adapt strategies based on market conditions.

* WISDOM BYTES *

Persistence Powers Success

Our greatest weakness often stems from the act of giving up when faced with challenges.

The path to success is rarely linear and is frequently obstructed by setbacks and obstacles.

Each failure or setback is an opportunity to learn and grow. The most certain way to achieve success is to persist through these difficulties and make a conscious effort to try just one more time.

It is this resilience and determination to push beyond the point of quitting that ultimately differentiates those who succeed from those who do not.

When we choose to try again, even after repeated failures, we build the skills and experiences necessary to overcome future challenges.

This persistence fosters a mindset of continuous improvement and adaptability.

Each attempt provides valuable insights and refines our approach, increasing our chances of eventual success.

In essence, the journey to success is marked not by the absence of failure but by the refusal to surrender.

By embracing this tenacity and committing to giving it one more try, we move closer to achieving our goals and realizing our full potential.

* DAILY DOSE *

Memes of the day

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