Buуers Keep Shоrts At Baу, Fоcus Оn Defensive Large Caps

The NASDAQ had a solid close on Friday, but now there is a downtick in relative performance against the S&P to consider. With the focus on defensive stocks, buyers now have fewer options to sustain the rally. Having said that, price and technical action for the NASDAQ is excellent.

Gold Is Readу Fоr Liftоff

The momentum indicators support more upside price action. The RSI is rising in the bullish range while the MACD is high and bullish. Beyond momentum, the Bollinger Bands® are turned to the upside, this allows upward movement from a volatility perspective. It is still early but the 50-day SMA is following the 20-day SMA higher now, but still at least a month from a Golden Cross, moving up through the 200-day SMA.