Trade Plan for 1/13-1/17
Head and shoulders or flags
Last week I leaned towards ‘messy chop’ and that’s exactly what we got up until Friday when indices dropped precipitously on data. The most interesting thing about price action last week was the relative strength in precious metals and commodities in general against the indices. This week in addition to my levels I outline what that could mean moving forward.
$TSLA bounced once again from my weekly support and in doing so… made what appears to be a bullflag on the daily chart🧐.
I was also slightly bullish for both precious metals and crude and my levels worked quite well across the board. 🎯💰
Summary of Market Action Last Week:
The indices chop dropped through Thursday for the second week in a row, but this time the trend from the Friday morning data was down. The relative strength $RTY/small caps had shown in the previous week dissipated and it underperformed.
The $GDX/gold miners relief bounce continued despite weakness in the indices and $SI/Silver futures outperformed.
$XOP/oil equities also outperformed amid a continuing breakout for $CL/Crude Oil futures.
Here’s how last week closed out:
For the week ahead (1/13 - 1/17/25)