Trade Plan for 12/25 - 12/29
Last week I assigned intraweek bull/bear keys close to the settlements of indices to gauge market strength in face of stretching to all time highs without an appreciable pullback. I wrote:
My day trading on Discord was particularly good, as my levels had me long bias early in the week, short for the ‘one day wonder’ correction on Wednesday, buying the dip on Thursday and then short again on Friday near highs, I covered most at supports.
I was slight long bias for precious metals and then I became more confident when I saw how well they held up for the indices deluge midweek.
Gold broke out to just barely miss my first target, but I took a nice partial profit just under. ✅💰
I was constructive on $CL/crude oil for the week because $XOP/oil equities had closed back within my channel line.✅
Summary of Market Action Last Week:
The indices climbed into Wednesday midday before a substantial (85 $ES/SPX futures points!) decline. The dip was bought on futures open Thursday into Friday. $RTY/small caps futures led the weekly gains once again, while $ES/SPX futures continued in a slow upward churn with 8 green weeks in a row.
$GDX/gold miners hit its intraweek high on Friday morning along with the precious metals. $SI/Silver futures and $GC/gold futures settled with near identical gains on the week.
$CL/Crude Oil futures and $XOP/oil equities chopped upwards for the second consecutive week.
This week @SLMacro looks forward with his 2024 economic, market, and political predictions.
Here’s how last week closed out:
For the week ahead (12/25-12/29/23)