COMPOSITE INDEX Electric Vehicle Stocks TRENDING BEARISH
Updated
In this daily chart, I made a composite index of electric vehicle stocks using
an approximate formula weighed by stock prices but not market cap.
( (
NIO + 
LCID + RRIDE + 
NKLA +
WKHS) x 50 ) + 
TSLA
This serves as an approximate normalization adjustment of the varying
stock prices in the collection of stocks.
I did this to later check to see if there is any effect of new legislation
impacting federal tax credits for electric vehicle adoption as a catalyst
for price action.
So far YTD, the composite at large has fallen 18.5% varying from
TSLA is down 6% and LCID as an example of others is down 36%
The composite will be a quick and easy way to see if the composite
and so the market cap of the underlying stocks inflects its downtrend
responsive to the federal legislation catalyst.
an approximate formula weighed by stock prices but not market cap.
( (
NIO + LCID + RRIDE + NKLA +WKHS) x 50 ) + TSLAThis serves as an approximate normalization adjustment of the varying
stock prices in the collection of stocks.
I did this to later check to see if there is any effect of new legislation
impacting federal tax credits for electric vehicle adoption as a catalyst
for price action.
So far YTD, the composite at large has fallen 18.5% varying from
TSLA is down 6% and LCID as an example of others is down 36%
The composite will be a quick and easy way to see if the composite
and so the market cap of the underlying stocks inflects its downtrend
responsive to the federal legislation catalyst.
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Market News Musk dumps 66B in shares - selling pressure going to go parabolic supporting downtrending !
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