Trade Plan for 1/29-2/2
FOMC and earnings : joy ride or house of pain? ...and a look at $OXY
Last week I was low bias bullish across the board ✅✅✅ mentioning specifically that $RTY/small caps futures would likely outperform and have a strong start. 💰
Midweek I alerted you to a $CL/crude oil futures breakout after a lengthy consolidation. I waited until after the report on Wednesday morning and sent you a tweet:
Here’s the updated chart for this week with the backtest level:
Two weeks ago I wrote to subscribers that I had started rotating some of my long term holdings from tech into oil stocks, so I will share a great $OXY setup:
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures chopped upwards through Thursday. Friday $ES made a negligible higher high and took a slight decline, while $NQ pulled back a bit more. $RTY/small caps futures had a very strong Sunday/Monday and then consolidated for the rest of the week, but still managed to show relative strength on settlement.
$GC/gold futures closed slightly red for the 4th week in a row, but $SI/Silver futures showed relative strength against the yellow metal after having been weak. $GDX/gold miners gained on the week, but still printed a lower high and lower low.
$CL/Crude Oil futures broke out of a consolidation range last week. $XOP/oil equities showed relative strength to the indices.
Here’s how last week closed out:
For the week ahead (01/29-02/02/24)