Trade Plan for 10/3-10/7
@SLMacro is a Debbie Downer for 2023
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Last week I was optimistic for a big gap up on Monday morning or upwards momentum from a slightly red RTH open which could squeeze price action, but when we didn’t see that scenario:
Price bounced over 138 points from a low of 3613🎯 before eventually collapsing beneath on Friday. It has yet to hit my next target.
Here’s the hourly chart:
I did try another cheeky long at the end of the week, but price gravity took out my stop. I retained my bullish stance on metals and energy last week.
This week @SLMacro gives his grim outlook on the economy into 2023.
Summary of Market Action Last Week:
$ES/S&P 500 Futures and $NQ/Nasdaq futures chopped and then fell towards the end of the week despite it being both the end of the month and the quarter. They closed the week red and near the lows. $RTY/Small caps futures chopped as well and declined on Friday, but then held relative strength to close the week down by the least of the indices.
$GDX (gold miners) closed the week green by a substantial amount, outperforming both $GC/gold futures and $SI/silver futures. Both metals held value despite the market carnage.
$CL/Crude Oil futures closed with a slight gain week over week. $XOP/oil equities outperformed the underlying commodity with a sizeable gain.
Here’s how the week closed out:
For the week ahead (10/3 - 10/7/22)