TSLA is in a long-term downtrend/distribution phase; current recovery is a tactical freeze lacking upward momentum.

Tesla is somewhat similar to, umm, which one? Amazon has been turned upside down . So, Amazon has been trending downward over the past two months, but it hasn't quite fallen below the support level.

I would say that Tesla gapped down in July after earnings and continued to fall for about another week before finally finding support at around $300 a share. Since then, the graph has actually become quite good .

We have managed to recover some key short-term levels and the 50-day moving average, which is very encouraging, but we are still struggling below a 200-day moving average that is trending downwards .

So, what this tells me at the moment is that this is a tactical freeze, a short- term freeze within a long-term distribution phase or a downtrend phase. The fact that the Relative Strength Index (RSI) has failed to break above 60 here tells me a lot about the lack of upward momentum, which is something you really want to see before you consider this chart more positive.

Charts that are struggling are easy to spot, such as Tesla and Broadcom, which really fail to stay above their 200-day moving average, and those averages are sloping downwards.

So, understanding which of these names— Nvidia is the only one that's up today— and realizing which ones are performing well and which ones are falling behind, especially MetaTrader and Tesla today, really helps me understand what's happening on this trading day with regard to those key elements.