Trade Plan for 10/23-10/27
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Last week I forecasted Monday based on the previous Friday’s VIX spike that produced a curiously inconsequential immediate market reaction:
There was no gap down and indices ripped upwards on Monday due to what I speculate to be those hedges coming off.✅ In any case, I increased my bearish bias for the week because I believed that the week would likely end red and reiterated a list of technical reasons for my conviction. I used my levels to take calculated shorts all week amid high volatility trading days. Friday morning I shared what I thought was a great setup on my Discord and also for people listening to the X space I spoke in. It was so nice, I took it twice. 💰💰
I was bullish for precious metals✅, but suggested a level to level approach as I thought there could potentially be consolidation. My levels performed excellently as the high of the week was 2009.2 vs my upper pivot of 2008.5.🎯
I was also bullish crude once again.✅
Summary of Market Action Last Week:
The indices climbed into Tuesday before falling the remainder of the week in choppy intraday movement. $NQ/Nasdaq futures declined by the most, followed by $ES/SPX futures and $RTY/small caps futures.
$GDX/gold miners outperformed on the week once again, but gained less than the underlying precious metals.
$CL/Crude Oil futures rejected at weekly resistance, but held a slight gain for the week. $XOP/oil equities also managed to hold a small gain despite the red indices.
Here’s how last week closed out:
For the week ahead (10/23-10/27/23)