Trade Plan for 10/9 - 10/13

Hello, darkness, my old friend. I've come to trade through you again.

Last week I had a slight bullish bias for markets✅, as while I thought the week could end constructively it hadn’t proven itself to me technically.  In situations like this I lean hard into my levels and try to simply follow price action.  Here was my overall plan for  $ES/SPX futures and hourly performance :

I shorted twice early in the week when price back tested or was below my 4335.50 intraweek key level and then I looked for longs from midweek on as weekly support levels held.  Friday I took a chance buying just below weekly supports between my ‘last chance’ hourly support levels, but I was willing to flip on another touch of the lows. That worked out well. 💰

I was slightly more optimistic that precious metals would hold up and ended up scaling into gold/$GC on Thursday and Friday. So far so good.

I was highest confidence bearish crude oil on the week✅ and closed my $XOP/oil equities short near the lows. 💰  

Summary of Market Action Last Week:

• The indices dropped into the start of the week and hit intraweek lows on Wednesday overnight. Friday’s jobs report instigated a dip to a higher low, which was then bought in a major way with an extreme uptrend day into resistance.  $NQ/Nasdaq futures was the strongest of the 3 major indices, while $ES/SPX futures closed only marginally green and $RTY/small caps futures lost ground on the week.

• $GDX/gold miners managed to hold steady and essentially flat on the week, despite lingering precious metals weakness.

• $CL/Crude Oil futures dropped substantially, but rose from lows on Friday with the market. $XOP/oil equities bounced in a more resilient manner, but underperformed on the week.

Here’s how last week closed out:

For the week ahead (10/9-10/13/23)