Trade Plan for 4/10-4/14
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Last week I was mildly bullish once again for what I thought would be chop filled holiday abbreviated price action. Indeed both $ES/SPX futures and $NQ/Nasdaq futures saw higher highs and higher lows week over week, but I traded more on a level to level basis closing Thursday flat to regroup and reposition for what I expect to be another turbulent week ahead with the CPI data on Wednesday. Both my weekly levels published on Sunday and my daily levels updated in the Discord live charts each morning performed well:
Because both miners and precious metals were close to major resistance, I remained cautious, noting the resistances, which also performed well:
I had a bullish outlook on $CL/crude oil futures for the week. Because of some news that gapped oil above where I wanted to try another cheeky short despite the upwards momentum, I exercised patience not wanting to tie up capital as I expected some chop to level out both sentiment and price action since it overshot.✅
This week @SLMacro looks at international stocks.
Summary of Market Action Last Week:
$ES/SPX futures and $NQ/Nasdaq futures printed higher highs and higher lows, but closed Thursday essentially flat to slightly negative. $RTY/small caps futs looked worse, but made up some ground during Friday’s abbreviated price action (which is not included in the settlement). demonstrating relative strength after the data released on Friday morning.
$GC/gold futures and $SI/silver futures both showed relative strength to the indices and ended the week just capped out right under major resistance, while $GDX/gold miners broke out above the first level major resistance to test higher resistance.
Both $CL/Crude Oil futures and $XOP/oil equities gapped upwards. Overall the commodity held up better than the equities after some balancing price action.
Here’s how last week closed out on Thursday*:
*Friday’s abbreviated, but positive, price action for the indices is not included in the settlement as it’s considered to be part of next week.
For the week ahead (4/10-4/14/23)