Stock Market Forecast: Weak Jobs Report Triggers Premarket Tech Rally

Tesla Technical Analysis

Tesla looks as if it is going to gap higher at the open after a disappointing jobs number has rates dropping and people celebrating. The Tesla market has been pretty brutal as of late, but recently we’ve seen a little bit of a bounce. We’ll see if that continues.

The gap starts at about $340 from the last earnings call. That could be a potential target; after all, gaps do tend to get filled over the longer term. Beyond that, we could see the market go looking to the 50-day EMA if momentum can keep up. The recent action though, has been very noisy and rocky, so this is a market that could be a wild ride.

Nvidia Technical Analysis

Nvidia looks like it’s going to gap higher as well, continuing the overall upward momentum that it’s seen recently. The market has shot straight up in the air, and just a couple of days ago, Elon Musk announced that SpaceX was going to use Nvidia chips exclusively. That seemed to have given the stock a little bit of a boost.

It had been rallying beforehand; one would assume that somebody out there knew. But the bounce from the 200-day EMA was a perfect technical setup. It has produced a textbook W pattern.

Amazon Technical Analysis

Amazon looks like it’s going to celebrate fewer jobs as well with a gap higher, perhaps even trying to take out the inverted hammer that had formed during the previous session. We’ll just have to wait and see. It’s been on a tear as of late, so this is just a continuation of the overall trend that we had seen over the last week or so.

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