Trade Plan for 4/28-5/2

A tale of 2 gaps

To start last week I had $ES/SPX futures in a possible bull pennant and $NQ/Nasdaq futures in a bull flag on daily timeframes. On Monday both respective supports I thought ‘should’ hold failed, but Tuesday revealed that as a false breakdown or ‘fakey breaky.’ My Tuesday morning note was titled ‘Back to the scene of the Breakdown’:

As is the case for moves like that, the rest of the week was bullish follow through. My levels worked exceptionally. ✅💰

I remained bearish on gold again and we saw a big rejection within 1 point of my 3509.4 resistance. High of week was 3509.9. 🎯

I remained low confidence bullish for crude as I believe it’s in a large consolidation. It also held my support quite well.

Summary of Market Action Last Week:

• The indices futures dropped early in the week, but as soon as they recovered back into their respective triangles/flags they absolutely ripped upwards from Tuesday on. $NQ/Nasdaq futures was the relative strength winner last week and the $RTY/Small caps futures lagged behind.

• $GDX/Gold miners gapped up last week, but fell back losing the streak of relative strength against indices and instead was the biggest loser of the week. $SI/Silver held a gain on the week despite weakness and a toppy looking weekly candle for $GC/gold futures.

• $CL/Crude Oil futures chopped last week, but $XOP/oil equities held strength with gains on par with the indices.

Here’s how last week closed out:

For the week ahead (04/28 - 05/02/25)