Trade Plan for 10/31-11/4
Bull Trick or Treat?
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Last week I had a bullish bias for markets as we started the week after an hourly bullflag breakout and I sent out a chart to members with a key pivot and target prices. Here is the chart sent on last Sunday and the chart as of close on Friday. 🎯 $ES/SPX futures first hit and then bounced down from 3811 (breakout target #1) on Sunday night and then ended Friday just north of 3919 (breakout target #2) after holding the weekly key pivot on a backtest after earnings.
I also had a bullish bias for precious metals and miners. Miners and silver closed the week green, but gold closed slightly red. I had a slight bearish bias for crude oil, but noted a breakout for oil equities and oil respected my pivots very well.
This week is another Fed interest rate decision, so things are bound to continue to be volatile. I outline my strategy and levels to watch.
This week @SLMacro talks macro positioning for deflation in 2023.
Summary of Market Action Last Week:
$ES/S&P 500 Futures, $NQ/Nasdaq futures and $RTY/Small caps futures were volatile last week on important earnings, but Friday’s impressive rally had the indices all closing in the green. $RTY was the strongest, followed by $ES and $NQ was the laggard of the 3.
$SI/silver futures and $GDX (gold miners) closed the week green despite a significant precious metals pullback on late Thursday evening into Friday morning, while $GC/gold futures closed the week slightly red.
$CL/Crude Oil futures closed back above its weekly 9MA. $XOP/oil equities progressed higher on the week, but showed relative weakness to the indices.
Here’s how the week closed out:
For the week ahead (10/24 - 10/28/22)