RIVN Up 8% Pre-Market But One Technical Red Flag Stands Out
TL;DR
EV stocks are moving before the bell, gold is seeing extreme volume, and the technicals are flashing signals worth knowing about before markets open Tuesday. Pre-market is lighting up Tuesday July 7th, with electric vehicle names Rivian Automotive and Lucid posting big overnight gains, while Chipotle Mexican Grill is heading in the opposite direction.
“EV stocks are moving before the bell, gold is seeing extreme volume, and the technicals are flashing signals worth knowing about before markets open Tuesday. Pre-market is lighting up Tuesday July 7th, with electric vehicle names Rivian Automotive and Lucid posting big overnight gains, while Chipotle Mexican Grill is heading in the opposite direction.”Click to post on X ▸
Where this fits in the Confluence Method
This lesson lives in the Stack step of the Confluence Method, where you confirm momentum, a key level and price action and structure before a setup qualifies as a trade.
Read the full method ▸Full transcript
6 sections0:00Pre-market is lighting up Tuesday, July 7th, with electric vehicle names Rivian Automotive and Lucid posting big overnight gains, while Chipotle Mexican Grill is heading in the opposite direction. Here is what the technicals are showing before the bell. In the prior session, technology led the tape up 1.65%.
0:20Followed by financials and industrials in a rotation that technically favors cyclical and growth names. On the other side, health care, consumer staples, and utilities each shed roughly 1%. Suggesting money moved away from traditionally defensive corners of the market. That kind of shift can signal a risk-on posture, though one session rarely tells the full story. Gold futures are standing out this morning with volume running 13.4 times the 20-day average on a modest move of just under a fifth of a percent. That kind of extreme volume relative to price can reflect hedging activity or repositioning rather than a clean directional bet and technically it flags a level of interest in the commodity worth watching. Rivian Automotive is up over 8% in pre-market and the automated system is flagging a breakout signal with a strength reading of 0.75.
1:15The RSI has climbed to 70.4 which puts it in technically overbought territory. So traders who study momentum often watch for potential mean reversion risk at these levels. It is also worth noting the 50-day moving average remains below the 200 day, meaning the longerterm trend structure has not yet confirmed the short-term move. Lucid is surging nearly 9 12% ahead of the open, though the automated signal here reads neutral with zero conviction strength behind it.
1:47The RSI sits at 60.7, a more measured reading than its EV peer, and volume is actually running slightly below the 20-day average, which means the price move is not backed by the same crowd participation you might expect. With the 50-day still under the 200 day, the longerterm technical picture remains a work in progress.
2:10Chipotle Mexican Grill is under pressure in pre-market, sliding just under 4% against a neutral technical signal and an RSI of 57 that places it squarely in the middle of the momentum range. Volume is coming in below average at 0.8 times the 20-day, which could indicate the selling lacks broad conviction, though that picture may shift once regular trading begins. Like the other names this morning, Chipotle carries a 50-day below its 200 day, keeping the structural trend question open. Stay grounded in the data, keep your risk parameters tight, and we will see how the session develops from here.
2:49This video is for educational andformational purposes only and is not financial advice. Markets are risky. Do your own research and consult a licensed financial professional before trading.
