Trade Plan for 3/23-3/27

Mag 7 Meltdown Monitor: Still short the hype

Two weeks ago $ES/SPX futures ‘whiffed’ my major support Sunday evening and that was the low for the week. For last week, while I wasn’t sure if price would dip to there again, the theme of my note was that it must hold that support to start a reversal pop.

As of the close on Friday, the major support was lost. So this week that same major level is the fulcrum between a decent bounce and potentially the next leg down.

I was bearish for precious metals once again last week, but it’s notable that unlike the indices, both Gold/$GC futures and Silver/$SI futures held major supports last week.

My crude strategy was just to scalp between levels, which worked well given the range.✅

Summary of Market Action Last Week:

· The indices gapped down once again on last Sunday’s open, but the dip was bought into midweek. On a dip Thursday, higher lows were still held, but Friday’s price action was ominous and November lows were taken out. $RTY/small caps futures took over for $NQ/Nasdaq futures as the slight relative strength winner, despite all of the indices declining.

· Precious metals declined for the week and $GDX/gold miners was the worst equity performer for the third week in a row.

· $XOP/oil equities booked gains once again, while $CL/Crude Oil futures closed slightly down for the week.

Here’s how last week closed out:

For the week ahead (3/23 – 3/27/26)