Biden's Withdrawal Impacts Stocks, Tesla Leads Gains, CrowdStrike Slumps

Tesla and Google are set to make announcements - will they bring good news? How are Trump stocks faring after Biden's withdrawal?

Let's take a look on the macros. With Biden out of the race, "Trump stocks" are cooling off, and Democratic wins are boosting the likes of renewable energy, solar companies, electric car makers, and cannabis stocks. Meanwhile, oil, gas, finance, and healthcare stocks are taking a hit. Analysts reckon this decision is shaking up the election landscape and making a Trump win less certain.

The S&P 500 daily chart is currently in a mid-term uptrend. Recently, it had a short-term pullback totheprevious consolidation support area. After hitting this support, it bounced back slightly. However, it's too early to confirm that the short term pullback is over. We might see some more fluctuations before a clearer short-term uptrend signal appears.

Talking about stock highlights, Teslasoared over 5% yesterday! Elon Musk announced that next year, Tesla will start limited production of humanoid robots for internal use, and by 2026, they hope to crank them out for other companies too.

From a technical standpoint, Tesla is still in a short-term pullback phase within an overall uptrend. If the short-term downtrend line isn't broken, focus on the previous gap support level around 234. However, if the price breaks through the downtrend line, the short-term pullback is over, signaling the start of a new upward move.

On the flip side, cybersecurity firm CrowdStrike tumbled more than 13%, hitting a six-month low. Their recent system outage was one of the worst in years, and while they've fixed the configuration errors, it’ll take a few days to get everything back on track.

CRWD's stock price has broken below the upward trend line with significant volume, indicating the end of the previous uptrend. Notably, recent high-volume trading has mostly accumulated above the current stock price, creating substantial resistance overhead. Therefore, in the short term, CRWD may have brief opportunities for a rebound, but the overall direction is likely to continue downward. In my opinion, bottom fishing at this point is not a wise move.