Trade Plan for 2/3-2/7

Trading the Tariff Tango

Last week I started the week with a slight bear bias, as the indices closed the previous week close to resistance levels and the path upwards had been ‘straightish.’ As always I was most reliant on my levels rather than bias and they performed exceptionally well throughout the week. My overall $ES/$SPX futures key of 6110 was incredible. Here’s how my weekly levels worked on the hourly chart:

I also nailed the $NQ/Nasdaq futures short:

I wasn’t all doom and gloom though. This last chance for TSLA 0.00%↑ longs call at 387 worked quite well. Low of week was 384 🎯and the week ended at 404.60.

$GC/gold futures hit my higher target weekly resistance of 2842 this week. 🏆

I thought $CL/crude futures may be violent chop price action but my inclination was that it would close near flat. The weekly settlement was down almost 3% but because of news the hourly close was close to flat on the week. 🤷

Summary of Market Action Last Week:

• Indices gapped down on Sunday evening and collapsed dramatically into weekly lows overnight. Dips were bought all week and price action recovered fully by Friday morning, however Friday afternoon saw a volatile downward reversal and all of the indices closed in the red.

• Precious metals showed relative strength across the board. After 2 weeks of closing flat, $SI/Silver futures led the charge upwards, while $GDX/gold miners and $GC/Gold futures booked nice gains.

• $CL/Crude Oil futures and $XOP/oil equities closed red for the 2nd straight week.

Here’s how last week closed out:

For the week ahead (2/03 - 02/07/25)