Trade Plan for 11/28-12/2
Know when to hold 'em and know when to fold 'em.
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Last week I kept the same slight bullish bias for the market again. I am still holding some long swings from my buying spree at $ES/SPX futures 3915-3920 from my plan 2 weeks ago, so I’ve just been taking advantage of chop using my levels as scalping guides for additional profit. I also used my short term general market bias to trade TSLA 0.00%↑ last week. It’s been the laggard of the big tech (if that’s what we’re calling it) and when it reached weekly support I took some long calls that just happened to precede an analyst upgrade and a 7.8% one day gain - the biggest since July. I took this trade live in the MoneyMaker Discord and shared it with Twitter slightly after close.
I was also bullish for the metals again last week and I am pleased with the progress seen. I continued to be bearish on oil and my second bear target was met early in the week where I took more profit. Oil then rocketed up shortly after but backtested that $76.90 level again later where I suggested it could be a good long “scalp” and it was. Price reached just under $80 on Friday morning before retracting under once again.
This week @SLMacro looks at early signs of demand destruction and how this could signal the Fed may finally be getting results they want but also could be warning signs for recession in 2023.
Summary of Market Action Last Week:
The shortened US holiday week was slightly bullish for all 3 of the major indices. $ES/SPX futures led with $RTY/small caps and $NQ/Nasdaq futures following closely behind.
$GDX (gold miners) outperformed the indices, but $GC/gold futures closed essentially flat (ever so slightly red). $SI/silver futures made good progress on the week.
$CL/Crude Oil futures was extremely volatile. Ultimately the commodity settled down by almost 5%, while $XOP/oil equities eked out a slight gain.
Here’s how the week closed out:
For the week ahead (11/28 - 12/02/22)