Trade Plan for 3/11-3/15

Beware the Ides of March?

Last week I expected a whole lot of nothing and that’s exactly what we got.  Here’s what I wrote:

My plan was to react to initial price action, which I did by buying the dip midweek.💰 Then I sold $NQ/Nasdaq futures as we breached above resistance on Friday morning as I expected the week to end flattish.  When it got to support I reversed long and then shorted my weekly 🔑 once again. 🎯💰💰💰

I slightly amped up my bullish bias for precious metals ✅💰💰, but I also slightly amped up my bullish bias for more crude oil upside and price action was mixed there with crude equities closing slightly positive and crude giving back some of the upside from the previous week.

This week I give my view about whether or not it’s decision time after a week of chop and provide actionable bull/bear trade levels across the S&P 500, Nasdaq, Russell 2000 Small Caps, Gold Miners ETF, Gold futures, Silver, and Crude Oil.

Summary of Market Action Last Week:

• Price action for all of the indices declined through Tuesday.  The dip was bought Wednesday morning and Friday morning was the high on the week, but that upwards thrust was sold off and the indices closed essentially flat week over week.  

• $GDX/gold miners outperformed the indices dramatically last week and both $GC/gold futures and $SI/Silver futures booked impressive gains.

• $XOP/oil equities closed the week essentially flat in line with the indices despite $CL/Crude Oil futures declining on the week. 

Here’s how last week closed out:

For the week ahead (03/11-03/15/24)