Trade Plan for 12/9-12/13

Even champagne has bubbly goodness

Last week I was a ‘levels based Bull’ and planned to buy dips so long as $ES/SPX futures 6032 - 6039 (weekly support) held. On Sunday I wrote:

The low Monday and for the week was $ES 6036. 🎯💰

For metals I was optimistic but a bit more weary. For gold I wrote:

The high of the week for $GC/gold futures was 2682 just above my level where bulls remained vulnerable. 🎯✅

I was a slight bear for oil, describing the price action as being in a ‘chronic downtrend.’ ✅

Summary of Market Action Last Week:

• $ES/SPX futures and $NQ/Nasdaq futures chopped upwards on Monday and Tuesday before gapping up for the futures open on Wednesday and putting in an impressive breakout day. Thursday and Friday were more consolidation for $ES, but $NQ was the clear winner after the data on Friday morning and it made up for its sluggishness in prior weeks. Despite relative strength last week and the week prior, $RTY/small caps futures was the underperformer for the week, closing with a loss (gasp!).

• $GDX/gold miners continued downwards, but gold futures closed just slightly under where they gapped down on last Sunday. Silver demonstrated relative strength once again and managed to outperform for a nice gain.

• $CL/Crude Oil futures also continued its descent, but managed to keep its decline within the confines of recent lows. $XOP/oil equities broke down under support and gave up a big portion of recent gains.

Here’s how last week closed out:

For the week ahead (12/9 - 12/13/24)