Trade Plan for 4/21-4/25
Trading the egg-ceptional volatility
Happy Easter to all those who celebrate!
I was ‘bullish to start the week’ last week as I held long $ES/SPX futures runners over the weekend and ended up holding long $RTY/small caps futures through the week, but my general plan was to ‘short a rip into resistance.’ There wasn’t a lot to do that wasn’t just small scalping in the beginning of the week. Price action never got to levels where I thought it would be a high confidence short, but instead after 2 days of consolidation price broke down on Wednesday evening and I ended up scaling into a long Thursday to hold overnight. ✅💰
I had shorted gold again close to the top on the previous Friday, but stopped out flat. 😐
I was low confidence bullish for crude. ✅
Summary of Market Action Last Week:
The indices futures gapped up on the open Sunday evening and price formed 2 ‘indecision’ daily doji candles before a breakdown on Tuesday evening. Price rebounded somewhat on Thursday, but $ES/SPX futures and $NQ/Nasdaq futures closed in the red for the week. $RTY/Small caps futures went from being the underperformer in the previous week to the outperformer last week, as it was the only one to hold the gap up gains.
$GDX/Gold miners put in another up week, as precious metals continued showing strength against the indices. $GC/gold futures outperformed $SI/Silver indicating the continued use of the metals as a hedge.
$CL/Crude Oil futures and $XOP/oil equities put in a solid week of upside.
Here’s how last week closed out:
For the week ahead (04/14 - 04/18/25)