Last week I had a slight bull bias because of the close and because of some daily bullish divergence on $ES/SPX futures that I conjectured needed a daily close above 4409.75 to mitigate the divergence moving forward.
Indeed, price action spent the week chopping sideways inside of a giant megaphone on the hourly and as of Friday, that daily $ES bullish divergence is no longer in play✅.
I was slightly higher confidence bullish on precious metals, so I opted to buy the dip on $SI/silver futures for a bull flag I’ve been watching. Since the week ended poorly I will be watching closely on Sunday night and ready to stop out.
I was bearish on crude oil watching 82.39 as the key level for the week and 82.24 was the high on the week before a good move down.✅
This week $SLMacro looks again at a beat down stock that could make a major bounce.
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures chopped in a tight range until a sizeably green Friday broke both above resistances. $RTY/small caps futures spent the first four days of the week declining to work off the relative strength shown just 2 weeks ago. Friday’s green $RTY candle was not impressive compared to the others.
$GDX/gold miners made lower highs and lower lows on the week and booked a decline. $SI/Silver futures lost the relative strength against $GC/gold futures it held for just a week.
$CL/Crude Oil futures declined notably for the week once again, and took $XOP/oil equities with it this time.
Here’s how last week closed out:
For the week ahead (11/13-11/17/23)