Last week I wrote that indices had the best chance for upside on a gap up Sunday and that’s exactly what happened:
Once bulls lost the triple level and gap up, selling resumed in swift order. This week I put together a list of BIG supports for $TSLA, $NVDA, $META, $GOOG, $MSFT, $AMZN, $NFLX and $AAPL. I will be watching any touch of those supports in proximity of weekly $ES/$SPX futures and $NQ/Nasdaq futures supports to potentially take a countertrend long.
In line with a gap up for the indices holding, I was bearish for precious metals last week, but the relative strength of metals was impressive through a contract roll upward and it was clear that with the indices gap getting taken out, metals would hold strength. I was bullish for $CL/Crude oil.
Summary of Market Action Last Week:
The indices gapped up and surged early in the week, but the buying enthusiasm ended on Wednesday. Friday $ES/SPX futures filled the gap up and continued heading lower dramatically to end negative for the week and at the lows. $NQ/Nasdaq futures was the weakest overall.
$GDX/Gold miners continued to churn higher, along with gold. This week $SI/Silver futures also moved higher, but it saw notable weakness on Friday in line with the indices.
$CL/Crude Oil futures continued to churn upwards, but while $XOP/oil equities held relative strength to indices, it was unable to close the week green.
Here’s how last week closed out:
For the week ahead (3/31 - 04/04/25)