Trade Plan for 3/4-3/8
March Madness churn or burn
Last week I talked about mixed signals in the markets and pointed out a bear flag that had formed on the $RTY/small caps futures hourly chart so we had quantifiable triggers in both directions. I noted the following:
The low of the week for $RTY was 2009.3 reached at 4am on Monday morning and then it outperformed for the week.🎯🏆 The highs for the week for $ES/SPX futures and $NQ/Nasdaq futures on Friday near perfectly corresponded to my weekly resistance levels of $ES 5150/$NQ 18349 with highs of 5149.25 and 18372.75 respectively where I took off my intraday longs since they hit (near hit for $ES 😏) at the same time 👽🛸👾:
I remained low key bullish for precious metals as they held key supports and I was once again bullish for more crude oil upside. ✅✅
In this week's update, I will be discussing whether or not the upward price action is too much/too fast. I also provide actionable bull/bear trade levels across the S&P 500, the Nasdaq, the Russell 2000 Small Caps, Gold Miners ETF, Gold futures, Silver, and Crude Oil.
Summary of Market Action Last Week:
Choppy downward price action into Wednesday culminated with impressive buying on Thursday and Friday. $RTY/small caps futures outperformed for the week after being the laggard in the previous week.
$GDX/gold miners closed the week higher followed by $GC/gold futures and $SI/Silver futures after weeklong consolidation led to an impressive run on Friday.
$XOP/oil equities continued its recent run higher. $CL/Crude Oil futures settled for the week just under the $80 headline level.
Here’s how last week closed out:
For the week ahead (03/04-03/08/24)