Trade Plan for 12/30-1/3

Happy New Year - Cheer or Fear?

Last week my general plan was to long $ES/SPX futures over 6009.75 to 6104.50 and then take the short there.

I bought the dip in the first 2 days of the week ✅💰 and then set some ‘grinchy shorts’ around 6104.50 that triggered on the holiday open. The high of that night was 6105.00. 🎯🎯🎯

I took partial profit and then re-added shorts on a backtest Thursday. The high of the week was 6107.50🎯 on that day. 💰💰

I continue to hold my $TSLA short. Here’s what I am watching for this week:

For precious metals I was a levels based bear✅, given the bearflag breakdown for $GDX on the daily. I was also a levels based bear for crude below 69.59, but it eclipsed that level and continues to coil/chop wildly for a large move.

Summary of Market Action Last Week:

• $ES/SPX futures and $NQ/Nasdaq futures ramped into the Christmas holiday and topped out there declining into the Friday before a bounce at the end of the day. All the indices closed within 1% of the previous week’s close. $NQ led to the upside and $RTY/small caps futures was the underperformer for the fourth week in a row.

• $GDX/gold miners continued downwards, with $GC/gold futures also slightly red and $SI/Silver futures marginally flat.

• $CL/Crude Oil futures and $XOP/oil equities put in countertrend upside in choppy trading.

Here’s how last week closed out:

For the week ahead (12/30 - 1/3/24)