Gold Enters Potential Support; Trading Tesla

Bulls are regaining control, but for how long?

Technical Edge — 

• NYSE Breadth: 64% Upside Volume

• NASDAQ Breadth: 81.5% Upside Volume (!)

• VIX: ~$24

Game Plan: S&P 500, SPY, Nasdaq, Gold, TSLA

Many stocks have made great moves over the last three days. Now we need to see some of these names base a little bit and find support so we have something to measure against. 

It’s looking like we may get some great individual stock trades to set up.

Gold

Even amid weakness in the US dollar lately, gold can’t fetch a bid. It’s working on its sixth straight weekly decline. 

However, it’s coming into prior support near $1670 and the 200-week moving average. 

I would love to see an undercut of $1670, a tag of the 200-week and a reversal back up through ~$1672 to get long. 

S&P 500 — ES, then SPY