Trade Plan for 1/30-2/3
Volatility Volapalooza directly ahead
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Last week I maintained a slight bullish bias for the market once again and focused on placing my bets to the upside for $NQ/Nasdaq futures as I theorized that tech would lead any breakout.✅ I livestream both $NQ and $ES/SPX futures in tandem on my Discord and tweeted when we reached my $ES support on a flush. That was the low for the week before an impressive rally.
I was low confidence bearish bias for precious metals this week✅, but took a great countertrend scalp to the upside for $SI/silver futures using my levels as a guide.
I was bearish for $CL/oil futures this week as I believed that oil must go down for tech to lead a rally. After I publicly shared my thought process/logic on Benzinga Thursday we saw a backtest of my 82.39🗝️ from below on Friday morning. Oil futures then plummeted downward as tech led the rally on Friday. 💰💰🏆
This week I give levels to watch for in the indices, metals and energy and talk about what precious metals bulls do and don’t want to see this week.
Summary of Market Action Last Week:
After backtesting my supports all 3 of the indices closed with solid gains. $NQ/Nasdaq futures led the momentum.
$GDX (gold miners) closed the week with a slight loss, while $GC/gold futures essentially closed flat. $SI/silver futures closed red for the week, but still within a recent range.
$CL/Crude Oil futures chopped downwards until the early morning hours of Friday when they popped substantially, but were then turned back at my key resistance and closed in the red. $XOP/oil equities still managed to close positively for the week.
Here’s how last week closed out:
For the week ahead (1/30 - 2/3/23)