Trade Plan for 1/15-1/19
All that and a look at $NVDA
Last week was interesting because despite $TSLA closing below my daily ‘flush’ line on Tuesday and then getting the expected follow through ✅🏆 , the indices (particularly $NQ/Nasdaq futures) remained extremely resilient. I believe that is largely because of the behavior of semiconductor stocks like $NVDA so let’s look at that chart this week:
$NVDA has been technically well-behaved and hit my bullflag measured move target of 550.16 on Thursday. So what now? On a daily close above 550.16 (and no fakey breaky back below), $NVDA may push to the blue line above labeled 573.29 for Tuesday, and that value is higher each day. I will watch for consolidation under 550.16 to find the next setup/measured move, but in the event of a larger pullback, the last measured move of 492.87 would be strong support and a probable buy in my opinion.
I remained cautiously optimistic for precious metals. Even though they closed under my key levels, I believed that they should have already flushed lower. I shared my technical concerns and my pivots performed well.
$CL/crude oil remains in a chop zone, and I continue to be overall bearish to a target below, but I slightly amped up my confidence in a potential bullish thrust. I particularly liked the $XOP/oil equities setup. As of the close on Friday, $XOP remained within reasonable parameters for maintaining my short term view.
Summary of Market Action Last Week:
After a strong Monday across all of the indices, $NQ/Nasdaq futures continued upwards closing each day up from the day before. $ES/SPX futures also continued to rise, but with more chop. $RTY/small caps futures lost Monday’s momentum on Tuesday and continued declining into Friday with a lot of intraday volatility to close down for the 3rd week in a row.
Precious metals declined into Thursday, but put in a strong Friday to hold steady for the week. $GDX/gold miners, $GC/gold futures and $SI/Silver futures held essentially flat week over week.
$CL/Crude Oil futures chopped sideways into Thursday. It popped higher on Friday, but couldn’t hold strength and ended the week red. $XOP/oil equities lost ground on the week putting in a weekly ‘indecision’ doji candle.
Here’s how last week closed out:
For the week ahead (01/15-01/19/24)