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)