Shares of Tesla () - are recovering under strain on Friday, getting hampered with the rest of the growth-stock sector.
The first bear market was evidently in -- and have been -- growth stocks.
It's a dead-cat jump in a bear market that never ended, or a second bear market in the same calendar year.
In the end, it doesn't matter. We look at Tesla shares down 6% today, and bulls are in constant pain, so are long DocuSign () -.
The Arkk Innovation ETF () - a 7 percent drop on the day and is frequently used as a proxy for growth stock, - has dropped about 7%.
It's down in five of the past six days and in 10 of the previous 12 sessions, and it's also seeing weekly drop for the fourth straight straight week.
Despite Cathie Wood's earlier this year, what exactly does this have to do with Tesla? For starters, ARKK is still the largest position.
It's also despite CEO Elon Musk.
Last month, this was more of a focus-grabbing headline, but Musk had a chance, in recent Tesla equity, to come back.
Tesla's Daily chart is now available.
TrendSpider.com has created the Chart.
TheStreet Recommends are Recommends.
Yesterday I spoke about the Tesla stock breakdown, which was a weekly-down rotation below $1,062.
Bulls were able to repair the stock a little, moving it back over this level and achieving a close of $1,085.
That strategy was perfect for active traders with sell-rules in place.
Bulls had plenty of time to either test of last week's low at $1,062 or take a break from Thursday's low at $1,057, with an open close to $1,085.
Tesla stock had a clear digit on the chart at $1,000 after it passed those levels. Not only does it have a psychological significance, but also the 10-week moving average comes into play near it.
That would be good for a bounce, but you never know with a tape like this.
The 50-day moving average, which adds another possible support layer, is just below this area.
If Tesla stock falls below all of these marks, traders must look closely at the $900 to $910 region. That's where the gap-fill level and prior all-time high sit.
Tesla can make money from the current lows and/or the $1,000 zone on the upside, but it must return above the 10-day and 21-day moving averages in order to maintain a steady push higher.
It also requires growth stocks to get out of the gutter.
