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[Updated] Tesla & Bitcoin Game Plans

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Brought to You By Scott Redler's Power Plays – Get My #1 Idea Every Week.

SPX futures are +8. As long as SPX holds the 5960 area, this active sequence can stay constructive without too much shaking of the tree. 6017 is the all-time pivot high. Bulls are starting to talk about 6300 in Q1.

Overall, I’ve playing a little defense, but select trades are still working so I'm on the hunt for new ideas.

Now let's dig into some of our focus names.

Bitcoin smashed through my $85,000 target way faster than I expected. It hit $94,000 and put in a huge topping tail. So I'll have less exposure until we get some much-needed digestion. I'll be looking to enter WULF, CORZ, MARA and MSTR again because Bitcoin could see $100,000 by Christmas.

TSLA was a big hit on the election, and Power Plays made its final exit at $345.45 on Monday. Now the game plan is to wait for the $310 area, where it could set up another big trade opportunity.

JPM hit a high of $248 and has since created a tight wedge-type pattern. This might help with the next direction. Above $244, perhaps it goes higher. Below $238, and it could see the $234 gap below.

XBI is still frustrating. I added it to Power Plays at $102.54 and it's been stuck in the mud since then. The ASH conference on December 7-10 is a potential catalyst, but if this breaks below $99, I'll think about switching gears.

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*Scott Redler Positions Disclosure as of 2024-11-14 at 8.30.58 AM

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