Trade Plan for 1/23 - 1/27
Right on the edge
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Last week I maintained a bullish bias for the market, but lowered my confidence level from 3🍸 to 1. I had weekly👎 resistance for $ES at 4035.50 and the high of the week was 4035.25🎯, but I did expect a stop run above and not a firm rejection. I was more focused on trading $NQ this past week, as I believed it would be the strongest of the 3 indices, and it was, eeking out a green close with an impressive rally on Friday. My $NQ support for last week was 11315.75 (low of week was 11308.50)🎯, and I bought there taking profit at resistances.
I also maintained a bullish outlook for metals, but with lowered confidence as I expected $GC/gold futures to consolidate with a doji (which also came to fruition)✅. I thought that silver may show strength, but it continued to chop and consolidate around resistance.⭕️
I was low confidence bullish on $CL/oil futures and $XOP/oil equities for the week, as I believed they would settle above the previous close although not by as much as we saw the previous week.✅:
This week @SLMacro looks at the impact certain Greeks have on equity price action and the overall market.
Summary of Market Action Last Week:
After a strong start to the week on Tuesday morning, futures went south into Thursday and then rallied hard on Friday. $NQ/Nasdaq futures eeked out a tiny gain for the week, while $ES/SPX futures and $RTY/small caps couldn’t quite make up for the negative momentum.
$GDX (gold miners) closed the week with a slight loss in line with indices, while $GC/gold futures consolidated and closed the week with a slight gain. $SI/silver futures continued to chop within recent range closing red for the week.
$CL/Crude Oil futures gained on the week once again. $XOP/oil equities outperformed slightly this past week.
Here’s how last week closed out:
For the week ahead (1/23 - 1/27/23)