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The three-week winning streak for the bulls ended last Wednesday as the bears pushed the market’s backup support levels. “Brexit” concerns, oil and the financial stocks were the main culprits that were blamed for the pullback — at least, that’s what the talking heads were saying.

The Dow fell 120 points, or 0.7%, to end at 17,865 on Friday. The blue-chips were in the red throughout the session, with the bears pushing a low of 17,812. Support at 17,800 and the 50-day moving average held, and these are levels I had warned about throughout all of last week. Additional support is at 17,600, followed by 17,400. Resistance is at 17,900-18,000.

The S&P 500 sank nearly 20 points, or 0.9%, to close at 2,096. The index opened at 2,109, which was well shy of upper resistance at 2,120-2,125. The late-day bottom touched a low of 2,089.96, with shaky support at 2,100-2,090 holding. The bears just cracked backup support levels on Friday and, by doing so, 2,075-2,070 and the 50-day moving average are now in the mix. A close below the latter would be a very bearish development.

That said, I have another trade that I would like us to get into as Gold could possibly be making a run towards $1,300 again, and I’m using bullish GLD calls in preparation for a run to higher levels.

Buy to open the GLD July 125 calls (GLD160715C00125000) for a maximum price of $1.30.

Action: I like these call options at current levels, and you can use Limit Orders up to $1.30 to get the best fills. These are the regular July options that expire on July 15.

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