Trade Plan for 11/18-11/22

Turkey time! Will the indices get stuffed or fluffed?

Last week I did not have a strong directional bias for the indices once again, so I used my levels to navigate intraweek trading.  On Wednesday I had drawn a large 4hr bullflag structure and I wrote that 6033 was a very important level for $ES/SPX futures, because it would be confirming a breakout.  The high that day was 6035.25 🎯.  

Then on Thursday end of day the close below the structure triggered what I refer to as a ‘fakey breaky.’  Those are generally quite bearish and indeed it was for Thursday night and Friday. ✅

The price action bounced from my 5900.50 weekly level a few times before slicing below and closing the day/week right under. ✅

I was looking to start building longs in metals and crude this week and I nailed the bottom for $SI/Silver futures (although it happened in the middle of the night Eastern time), but $CL/Crude futures closed near recent lows below where I thought was a good try buy area.  

Summary of Market Action Last Week:

• The indices spent the first part of the week trickling down before a purge lower on Friday.  $NQ/Nasdaq futures closed lower every day last week.

• $GDX/gold miners and precious metals underperformed for the fourth week in a row.

• $CL/Crude Oil futures closed near recent lows, but $XOP/oil equities settled just north of flat.  

Here’s how last week closed out:

For the week ahead (11/18 - 11/22/24)