I Was Wrong 🚨 Here is What you need to WATCH

All right, this is an important video because I'm coming out to tell you guys that I think I was wrong about a prediction that I made a couple weeks back and I'm going to correct it today. Now, I don't know for certain that I am, but the charts have shifted and because I'm following the charts and reading the charts, the charts are simply not saying to me what they had been saying to me at the time or what I had been watching for in them. And something news happened and I want to talk to you guys about it for a big tech stock. And also, I've got some news to be covering for this company as well. Welcome to Wall Street. This is the Stocks with Josh show. Please take a minute and hit the like on the video and hit subscribe if you're trying to get better on the charts to take risk on Wall Street. Wall Street is the hardest way to make easy money, but the charts give you confidence in doing it. Um, I first have to call out my video from yesterday on AVGO Broadcom. I gave you guys a target area where I wanted to buy and go long. And I hope that you guys took that to heart and are riding AVGO higher today because it got right down into the middle of my buy zone and that's exactly where Wall Street was waiting to pick it up on the cheap. You got to remember that even though Wall Street did not get out of yesterday's earnings what it wanted to see, that it had already been priced in. The bearish move had already been priced in and it made its final capitulation moment only for them to come in while retail was panic selling the bad news. They were turning around and saying yes, we'd be happy to take your AVGO long into 2027 significantly down from the top in an AI market that's continuing higher. So, let me just take a quick minute and show you that AVGO chart. All right. I highlighted yesterday that if we got any kind of a dip between 356 and 336 that it was a dip to be bought. And you can see that we're getting a beautiful candle. It's looking like a rocket ship to me. The body of the candle has a great big tail on it showing that there were interested buyers in this general range. Now, we got to get above 356 to confirm a move higher back up to the 200 day moving average, which is camped out at 364. And the minute we get above the 200 day moving average, I always think of something that Charlie Munger said. He said, "Wall Street is not that hard if all you do is find highquality companies and buy them around the 200 day moving average." This is that in real time. Broadcom, AVGO, a high quality company that's been camped down by the 200 day moving average, which I said yesterday if we get above could be a real springboard for a much longer trend higher. Now, I don't know that. And this is not a swing trade suggestion. This is a longer term investment. That's how I characterized it yesterday. Something to carry into 2027 at a really good price, a discounted price. And so if you're swing trading it, it does look like it's going higher, but you want to use a stop-loss plan. Anything I say is not a suggestion for you to buy, sell, or hold or a replacement for a trade strategy or a trade plan or the proper use of disciplines on Wall Street. Okay, what is it that I was potentially wrong about and what did I want to cover today? Well, I'm going to be talking to you guys about Tesla. Now, I had said that if it was going to continue in its downstream and that Tesla has sort of a a history of having these powerful moves up that blast up hundreds of dollars a month at a time. So up a 100 bucks, little bit of uh consolidation, up another hundred bucks. And that that typically comes after a long period of time in which it bleeds off and keeps going lower and lower to shareholders frustration and despair. Now, I've been one of those shareholders and I had it bleed down back in 2023 to $100 a share after it had soared to $400 a share. And so I've been concerned of it doing something like that again. really not so much concerned about it because I believe in Tesla. I believe in his dreams of SpaceX and everything getting rolled up into one amazing company that eventually will hit 10 trillion. But I want to make sure that I'm buying and hedging at the right price points. So the whole conversation is about how it's been interacting with 350 and the 30-day moving average. And what has it done? Well, it's gotten above it. It hit it, rejected, hit it, rejected, hit it, rejected, but now it got above. And in last week's video, I warned that you should not be thinking about Tesla going down. I wanted to kind of get it out there that I was seeing strength that was holding up pretty nicely and begin to think about it going up. And today it did just that. Now, I've traded this to the upside as well. And today we hit $384 and we're moving towards some big macro market events tomorrow. And Tesla itself's got a big reveal tonight on the cyber cap. And so this is going to be a turning point for the stock. We're either going to continue higher or we're going to get rejected here and go lower. So I want everybody to be prepared and thinking the right way. Now here's another thing that I've said about Tesla that I might not be right about. Okay? and that's that Elon had an incentive for the Tesla stock to go down because ultimately he wanted SpaceX to buy it, roll it up into one company and he didn't care how the company was doing because he wanted the buying price to be lower. Well, I don't think that that was realistic because he turned around and bought six billion shares. And so either he realizes that that's not possible or realistic and that Wall Street's going to run this stock up uh very nicely and he better get in on it uh and put in $6 billion and make some money because he's obviously as an investor not positioning himself for Tesla stock to go down. Now I do want to mention that when one company buys the other, the company that's buying the other takes on the debt and that stock goes down. That would be SPCX, SpaceX. Now, that's the stock that if they did announce tomorrow that they were going to acquire Tesla, that company, the stock price would fall and Tesla would rise because it's being acquired. It's going to mean the price is going to go higher. All right, let's take a step back. I wanted to also talk to you guys today about the spy and what I said yesterday and give you a fresh technical update and then I'm going to get into the Tesla chart, some important news and a bonus stock at the end. Let me take a minute and breathe. One more thing before I do all of that is I'm still in Microsoft to the upside, Netflix to the upside, and Service Now to the upside. They're all doing very well. just because I don't take time to talk about them on this show, understand that those are plays that I like and are continuing to do what it is I expected them to do in the charts. Now, I am looking at them very carefully because tomorrow we're going to get a jobs report and it's absolutely the most fundamental driver to this market and what the Fed's going to be looking at to make his big decision on the 16th, the middle of this month. He we're going to find out whether or not he's going to raise rates or keep rates where they're at. Now, he has had uh Mr. Williams, Fed Williams, coming out and giving some positive rhetoric and that's not by accident. He will say one thing to the public and when they want to hedge the market's understanding, they'll send the different Feds out who will say other things. The other things that were said yesterday was that they were optimistic and that it looked as if rates higher for longer were doing what it is they were expecting them to do and they may not need to do a rate hike. And if the jobs report comes in really strong, then it means that there is a greater likelihood that he'll have to pivot from that decision and actually give us that rate hike. But if it comes in as expected or even it comes in weak, then the whole conversation is going to shift from rate hikes to an economy that's slowing down and the market will have to weigh whether or not they want to invest in an economy that's slowing down because they may just want to dump their shares at the top or whether it's bullish because easy money's on its way. That's the big dilemma ahead of us. So, let me take a step back and quickly jump into the spy chart and give you guys an update there and then we'll dive into some of those other charts. Yesterday, I told you it was do or die time and then we had to push above and into the top half of this channel and it did that. We're still essentially potentially making a lower high if we don't hold the ground that we got today and continue higher. So, let's review the two candle rule as it relates to this chart. One candle got us back into the top half and we want to stay in there tomorrow and we want to gain a little ground. If we do, then we are potentially making a push up to 783. If for some reason we get a red candle that pushes us back to the bottom half of this channel, then we know which direction and what the target is. We've been dancing and compressing around the middle of this channel for a while. The market's waiting on the data to make its big move. Now, the other thing I want to point out to you is the story that we see in the RSI. This was a clue that I pointed out to you last time when the market was trying to make a move higher. I said we've got to get above the 60% level. That's where the bulls can really drive and push the market to a brand new high. And we are at the same exact spot. And we got to 60 last time and we failed to get above it. There was a 3-day drop. If we cannot get above 60% on the RSI right now, we're going to get another drop that's going to take us back into the middle of this channel. So, keep your eye on the RSI. But the reason I'm really highlighting it is that if we can close a candle tomorrow above the 60% level, then it opens up all the higher targets that we're watching in the market. So, let me recap what I mentioned at the beginning of the video that Elon Musk has bought $6.69 billion worth of Tesla. That's according to the latest insider transaction data. Elon Musk acquired 286.4 million shares of Tesla on June 17th, valued at almost $7 billion. Now, he did this right before a major event. CyberC update is today. Tonight can be much bigger than just another Tesla event. Right now, there are only about 45 cyber cabs registered in Texas. Wall Street is watching that number very, very carefully. If the conversation goes from 50 cyber cabs to potentially thousands between this year and the next, that has not been priced in. The market is not expecting that type of scale, and that could ultimately move Tesla much higher. Musk has talked about cyberc cab production potentially reaching millions per year. Now think about what that would mean. Thousands of autonomous Teslas driving around picking up passengers and potentially generating revenue day and night. That is a gamecher. And then suddenly after tonight, everyone will be looking at it as a global autonomous transportation network. That's the speculation going into this evening. The cyber cab isn't the surprise. The number of cyber cabs could be what is going to move Tesla's stock higher. At this point, Tesla can be viewed as one of the market's most direct physical AI infrastructure plays. The bigger thesis goes far beyond selling cars. It goes to vertical integration lithium batteries silicone, finished products, robo taxi, building an autonomous transportation network, Optimus, bringing AI into general purpose humanoid robotics. energy, a rapidly expanding energy storage business. The A-15 chip, Tesla's design intended to power both autonomous vehicles and Optimus. The core bull thesis is that Tesla is attempting to own the entire physical AI stack, energy compute autonomy vehicles and robots. And it's one of the reasons why I've always been an extremely optimistic Tesla investor. I'm never trying to sell my Tesla. I'm simply trying to buy more and to hedge my position. And it's why when we were fading down to 300, I calculated the potential risk of us going down to 275 for long-term investment purposes. Now, we had and I predicted that we would run up to 350 where we would potentially face a big test and get rejected. Now, that's occurred. The big question is, are we going to head back to 300? What is Tesla going to do next? And I'm going to give you those important levels and those triggers. Let's head into that chart. Okay. Tesla recently bounced off the historic and psychological level of 300 and it's really been a rocket ship since. We contended and wrestled with this critical $350 level, but since then and as communicated last week, it looked to me as if it was going higher. And sure enough, we have shot above 350 and we pushed all the way up to 384. Now, it's interesting to me that we made this move and it's pretty critical and let me explain to you why. Now, this is also a key area of resistance right here. here. We'll call it 385. And this is a previous area of support. And what the market looks for is for something that had previously been support. When it's in a downtrend, it will come back and it'll get tested. And if it works as resistance, then the market will go on to make a lower low. So even though I'm saying that the 275 potential target needs to be taken off the table, that's not entirely the case technically. What it is I knew to do was that the rejection area wasn't going to be at 350. Now, for the very next move that Tesla makes, and it looks as if it might make it tonight or tomorrow, it's got to get above 385 and it's got to hold and consolidate and it's got to deal with that jobs number that's coming tomorrow. And if it does all of that, well, the sky's is the limit and this can just blast all the way back up to the top of the range. I hold Tesla long-term and I often day trade it so that I can build profits up and reinvest back into Tesla. So, this is an important junction point on the chart at 385. We got to see what happens next. If we come back and lose 350 again in the coming days, then in my opinion, we are coming back to test 300 and possibly even to get to 275. So, I want to remind you guys as we take a peek at the MACD that we have both lines underneath the zero line, which means that we are operating on a longer term sell signal. This is a stock that's in decline. And even though it's bounced from 300 to 385, which is an incredible move, it's not going to be in a long-term bullish trend until it gets back above the zero line on the weekly time frame. What do you guys think of the technicals? Let me know. What do you think the next move for Tesla is going to be? Is news coming out about the cyber cab event tonight going to push it up above 385? Or is Wall Street going to be disappointed sending the stock back to retest the lows? Let me know your opinion in the comments. Okay, I promised you guys a bonus stock and it's really tied to Tesla and that's SpaceX. And let me just take you guys into that chart before I give you my analysis. All right. The last time I covered SpaceX, I commented that price had been coiling right between 150 and 130 and that you didn't want to do anything until it had gotten above 150 or beneath 130. Now, I'm going to take this moment. We're looking at the daily chart and I'm going to remind you of the two candle rule. Now, 150 is a significant area of resistance. You can see that this used to be support. We've tested it now, this being the third time. And we do have what's obviously a cup and handle pattern on the chart. And now if this confirms, you take the neckline and you go down into the valley and you put that on the breakout level and it suggests that SpaceX if this pattern confirmed could move as high as 188. Now the big question here is if it confirms because if we get a red candle on SpaceX pushing us back underneath 150 it means that that is off the table and we would then potentially go and test the 130 level and see what the market wants to do with SpaceX then. Now the only thing I'm going to add to the SpaceX chart is that normally key resistance levels resist and normally key support levels support. And right now we're at a neckline that would suggest that if it could break through this level, it would have a very large move. But we're pushing up against tomorrow and a market that's going to be hanging on every detail of that jobs report. I want to leave you guys with one last commentary about Tesla and that's from Kathy Woods and she said, "The longer the base, the bigger the breakout." And that's true. And she also said in the same commentary that she's calling Tesla up to $4,000. Yes, we're going to be rich Tesla holders. I pray from Kathy Wood's mouth to God's ears and Tesla rips tomorrow. Now, personally, I'm going to take it one daily candle, one weekly candle at a time, but I love Kathy Wood's optimism on one of my favorite stocks. I saw another funny post today where somebody had put a finger on Jim Kramer's lips and said, "Sh, whatever your thoughts are on Tesla and Cyber Cab, keep them to yourself. Keep them to yourself. Let me know what your guys' thoughts are on the event tonight. I'd love to hear it. Uh, come check out the Stocks with Josh Discord where I live trade with my community every single week. And we actually have over 10 trade sessions between me and my crown traders. We cover every morning and every afternoon. And we have a trade plan with trade tools that we use to consistently take risk on Wall Street. Come check it out. Peace and blessings, my friends. I'll see you in the next video.