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)