Trade Plan for 11/25-11/29

Will the buyers go cold turkey or will the sellers get mashed?

Last week I traded off levels.  There was a flush on Monday morning and I wrote:

$ES/SPX futures bounced well off of 5892.50🎯 Monday morning

I’d been looking for basing in the precious metals over the last 2 weeks and $SI/Silver futures hit my measured move of 31.30 and then some. ✅

$CL/Crude Oil futures  closed directly on my ‘tenuous’ 4hr 66.33-66.72 support in the previous week, but it managed to hold and zipped upwards for the week.✅

Summary of Market Action Last Week:

• Both $ES/$SPX futures and $RTY/small caps futures closed green every day last week, but $RTY was the outperformer by far.  $NQ/Nasdaq futures also chopped upwards, but closed Wednesday slightly red before getting back in chop upwards mode.

• $GDX/gold miners and precious metals finally bounced and did so in a forceful manner.  Precious metals gapped up on last Sunday evening and ripped upwards the entire week.

• $CL/Crude Oil futures also reversed course and bounced from open on last Sunday evening and $XOP/oil equities broke out impressively.  

Here’s how last week closed out:

For the week ahead (11/25 - 11/29/24)