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okay good morning folks and welcome to stock charts today let's begin with Tesla weekly chart this is a request for a second opinion on Tesla now the last time we spoke about Tesla was several weeks ago and it was under pressure but we were consolidating we were bouncing around with bottoming tails on these candlesticks again this is a weekly chart last week we rallied and we closed well off the highs of the week prior to that I had drawn this lower band of support right now this week we are pressuring that support level a close below that level will be a big problem for Tesla because after that what happens is that we retest the next support level which just happens to coincide with at current the same exact support level we're testing right now so what we're doing here is we're measuring the extremes of the entry weak moves from the week of April the second and then April the 30th and here we are time has evolved and we have made no real serious progress here now what we're looking at to the upside is resistance above his our primary upper band of resistance and a bit of a triangle formation that will form it it's too early to talk about this upper band of resistance what we're worried about if it is this immediate ceiling right here now if we break out and especially close above the 20-period moving average on a weekly basis and last week's highs good stuff the pressure is off for a bit and we'll probably rally up to this upper band of resistance but given the price action here I'm not very optimistic RSI putting in lower highs and lower lows the headline risk huge daily chart as you can see again we're nearing critical support so Tesla for our chart may well soon become a short we haven't broken yet therefore we're not ready to short it yet let's talk about some of our watch stocks that we discussed yesterday align technologies it did break out yesterday but fail to follow through and what I always teach members is do not go buying stock intraday watch to see where they closed now had we chased the shares earlier on the day we would have gotten clubbed over the head because the shares were sold off and now we are treating down below the lower band of support so this is a bull trap a breakout point failure not good and with the reversal in the market yesterday we need to be very very careful about adding to or opening new positions we want to make sure that we have the wind on our back and what is the wind the markets eighty percent of all stocks will trade with the market Alliance Bernstein very close to pulling the trigger here no breakout yet in the four-hour chart we're closed a little W formation action going here here's our pivot point here good stuff we have a breakout on the RSI good stuff more to come a be pure the bull ETF leveraged etfs on the healthcare sector if you don't want volatility by the XLV we're very close to pulling the trigger here on Kure let's go to now the morning action in the futures market the S&P 500 for our chart we reversed off the highs of the day yesterday but here's what we're looking for this is a fairly orderly pullback and what I'm looking for here is a breakout and we poking our noses for our bar out of this consolidation let's see whether or not it closes there that's what matters is where it closes so we're down this morning on the futures we're holding the 20-period moving average we're holding support the Dow Jones very similar price action here and that we are off the lows of the session but still down we do not have a breakout yet like we do on the S&P 500 on the 4-hour chart we have a bull flag formation formed here let's watch for a pop but remember folks it's where we close that matters I don't care where we're trading at 11 a.m.
I don't care we're trading at 2 p.m. it doesn't matter what matters is where we close relative to the highs and lows of the day end of statement the Nasdaq in a very tight trading range holding support it's at current struggling to recaptured 20-period moving average so it's showing some relative weakness versus the SP and the Dow but we are off the lows of the day let's take a look at the US dollar now the dollar it really caught a bid yesterday afternoon right here when it broke out above this upper band of resistance and it's 20-period moving average on this four-hour chart we have put in a new daily high but we are not backing off of that high net net though this is a bullish setup until such time that we break below the really until such time that we break down below 90 to 25 this is really critical support right here we have a breakout an RSI a retest higher lows and higher highs so what is this not good for at least in the short term anyway longer-term I'm bullish on oil pushing higher it's ignoring the dollar but if the dollar were dropping oil would be ripping higher even further than what it is right now oil is looking strong putting in higher highs and higher lows gold a different story we're down this morning significantly and we're talking about the 1,300 level again on gold which is really kind of irritating because remember it was only a few weeks ago back here on April the 11th that we put in a multi-year high and then we sold off so thus far today we have an inside bar no new high no new low this four hour period watch 1300 it is critical support let's leave off with a view of Bitcoin Bitcoin recaptured support yesterday it's consolidating tightly and this 20-period moving average in blue is acting as a declining ceiling I think we're gonna move higher here we have a breakout and higher lows and RSI Bitcoin is looking good and once we get above 8900 while we do have a lot of resistance above I think that if volume picks up we should be able to breakout analyse retest recent highs and that's it for this morning folks if you watch this on youtube subscribe to the channel leave a comment below click that bell and if you watch this on the website and to email address we ate spam to will send you out a couple of free trade tutorials and he found this through stock to a Twitter seeking alpha follow us there leave a comment everybody have a profitable trading day be well
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