Last week the $ZB futures/$TLT bond trade I took a couple of week ago near lows got to first level resistance and rejected. I think it has more juice, so I am watching that level carefully again this week. Here’s an updated chart:
I thought that potentially the strength in bonds could assist metals, but last week metals followed the indices and I think indices are in trouble unless $ES/SPX futures is able to regain a lost level from last week. I believe that $CL/Crude Oil futures over another level I am watching is bearish for indices – so therefore I believe that this week’s bull/bear price action in both indices and precious metals is up to oil.
Here’s my note from Friday outlining my bearish bias for indices given crude:
Summary of Market Action Last Week:
· The indices trickled downwards this week with Wednesday and Friday being the strongest down days. $NQ/Nasdaq futures was the relative strength loser for the week.
· Precious metals also lost ground on the week led by $SI/Silver futures. Gold barely hung in there.
· $CL/Crude Oil futures rose substantially and $XOP/oil equites outperformed and held a sizeable gain despite weakness in the broader market.
Here’s how last week closed out:
I broadcast hourly charts with weekly and daily levels 23/5 on Discord while futures are open. I give commentary and positioning during market hours.
For the week ahead (10/19 – 10/23/26)