Trade Plan for 1/26-1/30
Is frost bite coming for the market during the last trading week of January?
Last week I believed that below $ES/SPX futures 6956.25 would lead to a correction to my weekly level and a cluster of daily supports. The gap down in futures on the holiday week open indeed lead to a backtest of my weekly 6867.75 as expected and the futures open on Wednesday was directly on that bottom daily support to hold the bounce.
I have mentioned several times in the front part of this weekly note, that from a swing perspective, I have preferred shorting selected Mag 7 stocks over the indices themselves and I published my $NFLX trade on X.
I shorted the top of $NFLX and covered just last week near the lows on the open Thursday -~40%. 🍸🎯💰
Last week I doubled down on another one of my MAG 7 shorts, and it’s probably not one you would guess… I am excited! By popular demand I have started streaming my $ES/SPX futures and $NQ/Nasdaq futures charts 23/5 with weekly and daily levels marked off. Commentary is given during the RTH US trading session.
I had some daily resistance for $SI/Silver futures at 95.xx last week and I ‘nuked’ a short on Wednesday for a fantastic scalp, but I stopped out of the runners on Thursday as it looks like it’s on it’s way to my next resistance.
$CL/crude oil literally closed .01 above where it needed to for me to think it may get more upward momo this week, but $XOP/crude equities has yet to confirm. Big week ahead.
Summary of Market Action Last Week:
· After a gap down and dip to start the short week, the indices recovered some strength after Monday. $NQ/Nasdaq futures and $RTY/small caps futures filled the opening gaps, but $ES/SPX futures left a gap. Overall we saw some rotation back into tech after many weeks of sideways chop and $NQ led with slight relative strength.
· $GDX/Gold miners rallied to new highs once again as the metals surged higher. Both $GC/gold futures and $SI/Silver futures will roll contracts this week.
· $CL/Crude Oil futures and $XOP/oil equities both broke out last week, but more confirmation is needed for bulls.
Here’s how last week closed out:
For the week ahead (1/26 – 1/30/26)