$352.37
Tesla, Microsoft and Oracle stocks push higher ahead of the Fed speech, with TSLA testing its 50-day EMA, MSFT above $500 and ORCL eyeing $160.
The pre-market trading for Tesla is a bit positive, and we’ll have to see whether or not that actually leads to further upward momentum with the 50-day EMA sitting just above. Ultimately, this is a market that has been noisy for a while, and with that being the case, I think we have to look at this as a situation where we are trying to build up that necessary momentum. And of course, the Kevin Warsh speech late in the day will give traders an idea as to what the Federal Reserve does, which has an influence on these tech stocks.
A breakdown from here below the $340 level could get things bearish again, but so far at least in the day, it looks like the buyers are trying to make a statement.
Microsoft looks a little bit positive in pre-market trading as well, and ultimately, this is a market that has been bullish for a while. Looks like we’re trying to continue that as we are now back above the $500 level. Short-term pullbacks offer buying opportunities for those who would wish to get involved again. We’ll just have to see if that actually plays out, but it certainly looks like the buyers are intact and pushing to the upside. I’m personally watching the $477 region if we do get some type of pullback later in the day due to that speech.
Oracle looks like it is trying to make a move as well. It is slightly positive. More likely than not, one would think that the $160 region might have a little bit of a wiggle there as it was a recent swing high, but Oracle looks like it is trying to turn things around.
Nice price action, but noisy. We are still worried about a lot of things, including the Federal Reserve and the whole idea that maybe AI has a credit problem. Obviously, Oracle in the network part of the scenario could be affected, but it looks like the market’s willing to look past that, and the buyers are starting to return to a lot of these stocks.
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Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.