Trade Plan for 12/16 - 12/20
Jingle Bull Rock or Do They Know It's Christmas?
Last week I remained largely neutral with a slight bullish bias across the board for equites, metals and crude oil. I had drawn in a flag channel on the $ES/SPX futures chart and my levels navigated the chop quite well intraweek.
I included some interesting charts for $TSLA, $NVDA, $MSFT and $AAPL as well. For $TSLA and $NVDA I wrote:
$TSLA had a low of week at 378.01🎯 and closed at 436.23 - very close to my next daily resistance level of 439.45.💰 $NVDA did indeed decline into midweek✅, and then we saw some downward chop, but thus far it has held that 131.91 neckline.
For $GC/gold futures I had written:
Price action for the yellow metal recovered back above 2694.1 and hit 2742.6 ✅💰, but unfortunately for bulls it just couldn’t hold there and declined to close just slightly higher for the week.
I switched gears to be bullish for $CL/oil futures so long as it held support, because I believed it had the chance to break down and didn’t. ✅
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures both flagged and chopped last week, but $NQ finished strong and retained its leadership position from the prior week. $RTY/small caps futures downward momentum accelerated in the tail end of the week and it was the underperformer for the second week in a row.
$GDX/gold miners continued downwards once again, despite $GC/gold futures managing to eek out a slight gain. Silver sloughed off impressive upwards price action at the beginning of the week to close red.
$CL/Crude Oil futures held recent lows and put in impressive gains on the week, but $XOP/oil equities settled essentially flat.
Here’s how last week closed out:
For the week ahead (12/16 - 12/20/24)