A Look at Leadership

Despite FB trying to bounce back today from yesterday's selling, a lingering issue for this market near all-time highs is the weakness in TSLA, a clear momentum darling dating back to 2013 if not an outright "super stock."

On the updated daily chart, below, note Tesla's continued corrective structure, with price operating well below longer-term moving averages. This is a circumstance have have been profiling consistently for a good while now. And there is still little evidence that TSLA is on the cusp of a meaningful leg higher--In fact, the risk remains lower for another sharp wipeout of cult-like holders from higher prices, especially under $185. 

In addition, weakness in AMZN NFLX PCLN today, as all three potentially roll back over after their earnings gaps higher and subsequent multi-week churn, is not helping the bull case either for an immediate rally higher.