Trade Plan for 3/6-3/10
Over the river, but not out of the woods just yet
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Last week I chose ‘last calls’ as the subtitle for my trade plan because, to me, the market looked like it was teetering on the edge of a breakdown. I did not believe it could withstand another dip below ‘last chance supports’ and last week it tested boundaries by going all the way to the bottom of a ‘buy/take short profit zone’ I gave 2 weeks ago and that zone bottom was $ES 3925 vs the low of the week this week at $ES 3925. 🎯
Despite me having scaled into miners, I didn’t feel that metals had done enough work for me to have a bullish bias for the week. I did, however, have excellent levels as 1810.8 was the low of the week vs my 1810.9 .🎯 I was pleasantly surprised by the strength of miners and gold, and happy that silver held my ⚠️ level.
I believe that oil is still consolidating for a larger move. I maintained a bearish bias, but gave neutral and squeeze levels and those levels performed well intraweek.
This week @SLMacro looks at stocks he likes in the financial sector and within travel & leisure.
Summary of Market Action Last Week:
By the slightest of margins $NQ/Nasdaq futures was back to performing the best once again, but not before making a lower low along with $ES/SPX futures. $RTY/small caps futs printed an inside candle.
$GDX/gold miners outperformed overall, while $GC/gold futures showed impressive strength. $SI/silver futures gained on the week in line with gold.
$CL/Crude Oil futures followed through with the strength $XOP/oil equities demonstrated last week.
Here’s how last week closed out:
For the week ahead (3/6-3/10/23)