Trade Plan for 4/27-5/1

FOMC, Big tech earnings and an on again/off again war. Oh my

Last week I traded the consolidation levels as the rally from the bottom had very little substantial consolidation or pullback (barring the gap downs on the opens). I believed $ES/SPX futures 7183.00 to be major weekly resistance and 7091.50 to be the next weekly support:

You can see in the commentary I pasted into the chart that above any 7183 breakout I was looking for another daily close higher to confirm that breakout. I blacked out that level mostly because it is different this week. On Friday price finally broke over 7183, but it has NOT yet confirmed the breakout (for me). I find that any major breakout confirmation on a Friday is not the most reliable signal anyway, so I can’t wait to see price action against my levels this week. 👀

I was neutral from a bias perspective for precious metals last week. They closed red, but they really spent the whole week in consolidation just like $ES/SPX futures and $RTY/small caps futures.

Last week I shared in the front part of this note that $CL/Crude futures had done just enough to not be ‘dead’ yet ✅ and we saw it rise along with $NQ/Nasdaq futures last week. Sooo is that the new normal, or is one or both of them lying? I share my levels to trade either way.

Summary of Market Action Last Week:

· The indices spent a solid week in consolidation after a tremendous rally in the week prior. $NQ/Nasdaq futures was the clear relative strength winner despite $TSLA earnings that resulted in a decline for the stock.

· $GDX/gold miners lost ground on weak performance for the precious metals.

· $XOP/oil equities rebounded after 2 down weeks, as $CL/Crude Oil futures gained on the week with an inside candle.

Here’s how last week closed out:

For the week ahead (4/27 – 5/1/26)