Trade Plan for 4/1-4/5
Last week I went to more neutral stance but kept a 1 (of 5) 🍸 bear bias because of $NQ/Nasdaq futures showing possible bear divergence on the weekly and it’s positioning relative to my resistance levels.
However, I was open to taking longs and caught a great $RTY/small caps long on Wednesday morning into Thursday:
I took some off at daily/weekly resistance of 2125.3 and let the rest rise into Thursday where I took profit on the remainder near the highs @ 2157. 💰🏆
I put precious metals into a ‘prove it’ stance, but $GC/gold futures never fell under my weekly key of 2147.8 (yay!) and the high of week was 2256.9 vs my resistance of 2253.9.🎯 I also put oil in the same category, as I thought we could see a dip. I took a nice short scalp off of an initial touch of 82.39, but was looking to either buy a dip or back above resistance:
Summary of Market Action Last Week:
The indices saw dips at the beginning of the week. The dip buying proved to be a clear rotation from $NQ/Nasdaq futures to $RTY/small caps as $RTY led gains for the week, while $NQ settled for a slight loss. $ES/SPX futures was essentially flat for the week and closed just a hair under all time highs.
$GDX/gold miners was the relative outperformer for the week. $GC/gold futures rose impressively, but $SI/Silver futures closed just a touch over the previous week and continues to coil.
$XOP/oil equities continued to rise with $CL/Crude Oil futures.
Here’s how last week closed out:
For the week ahead (04/01-04/05/24)