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Tesla looks like it is going to gap lower as interest rates in the United States continue to drive higher based on energy inflation. Ultimately, this is a market that looks as if it is going to be opening near the 50-day EMA, and that in and of itself could cause a little bit of interest in the market.

Even below there, we have significant support near the $350 level. Those traders out there who are short of this market will be watching this, so we'll have to wait and see how this plays out. But if we were to break down below $340, then we could see this market really start to accelerate, as it would be a break of major support. To the upside, we have the 200-day EMA at the $379.76 level offering technical resistance.

Microsoft is looking like it wants to jump a bit in pre-market trading, and we are looking at this as a potential attempt to get to the $500 level. The $478 level underneath is an area of support, and currently Microsoft looks like it is just continuing to go back and forth in a range.

Amazon looks like it is going to drop a bit during the open here on Monday, but Amazon continues to be stuck between the 50-day EMA above and the 200-day EMA below. This typically will bring a certain amount of choppiness and noise. Ultimately, if the market can break higher and clear the 50-day EMA, it could open up the possibility of a bigger correction to the upside. We'll just have to wait and see. We are still very much noisy and choppy, but it's worth noting that we are perhaps a little oversold based on the stochastic oscillator.

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This article was originally posted on FX Empire

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