Trade Plan for 2/20-2/24
Chop chop pop pop drop drop
Follow @CordovaTrades✨ and collaborator @SLMacro on Twitter and please share if you find our work valuable.
Last week I leaned slightly bullish for markets once again because even though I didn’t have a strong directional conviction for the market either way, key levels had not been breached. For the bigger picture I outlined a zone where I intend to build a short and another as a potential buy. My weekly resistances for $ES/SPX futures 4183 and $NQ/Nasdaq futures 12734.25 performed well, as did my daily levels shared on Discord.
I leaned slightly bullish for metals provided they hold key levels, but they did not. I did, however state where I would buy them for a scalp and my 1827.3 aligned with the low of the week 1827.7 near perfectly. Here’s my chart shared next to the printed price action🎯 and my commentary🎯 for $GC/gold futures:
Despite oil having had a bullish week in the prior week, I maintained a bearish bias, as it was still in the neutral zone for me. ✅
This week I share what I’m looking for a breakout or breakdown. @SLMacro writes about how to calculate the ‘fair value’ of
Summary of Market Action Last Week:
Markets closed the week essentially flat, with $ES/SPX futures booking a marginal loss and both $NQ/Nasdaq futures and $RTY/small cap futures with slight gains.
$GDX/gold miners declined, but held the weekly 20MA upon close. $GC/gold futures and $SI/silver futures closed red.
$CL/Crude Oil futures and $XOP/oil equities closed lower with significant declines.
Here’s how last week closed out:
For the week ahead (2/20-2/24/23)